- 224 units located in Raleigh, North Carolina
- 329,504 rentable square feet
- Land acquired in 2014 in a joint venture with two local developers
Construction of the Class A multifamily property commenced in May 2014 on a two-acre parcel of vacant land on the east side of downtown Raleigh. The four and five story apartment property includes a saltwater pool and sundeck, entertainment courtyard, outdoor fireplace and TV, BBQ grilling stations, community room with full kitchen, pet spa, fitness and yoga studio, 24-hour package locker, a locally sourced coffee bar, bike storage/maintenance area, electric car charging stations, and a 5-story enclosed and secured parking garage.
The development was completed nearly two months ahead of schedule and below budget. The lease-up was completed on time and at the underwritten rent levels. Upon stabilization, Banner received offers to sell the asset for more than $2 million above expected stabilized value. At that level, the investors would have earned a return approximately 500 basis points above the projected figure. Banner is pursuing additional developments in the Raleigh area.