Banner has developed Class A, mid-rise, transit-oriented apartment communities in desirable infill locations.  Banner began focusing on the senior living sector in 2010, with the development of their first senior deal and plans to start approximately $150MM of senior developments in 2018.

Apartment Development Strategy

  • Develop market efficient Class A multifamily housing that appeals to a broad renter demographic
  • Target locations with strong job growth, favorable permitting and supply ratios, and along expanding means of transportation
  • Create mixed-use facets that enhance project appeal and local impact through partnerships
  • Utilize pre-fabricated and designed metal construction technology
  • Assemble sites at below market cost

Senior Living Development Strategy

  • Develop institutional-grade, independent living, assisted living, and memory care communities that support aging in place
  • Target locations with high population density, strong home values, good visibility, and high traffic counts where existing senior living products are outdated and do not meet market need or demand
  • Establish “Shared Outcome Partnerships” with proven, best-in-class senior living operators

The Lincoln

  • 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.

Apartment & Senior Development Leadership

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William Henry

Banner Development, LLC
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Tom Suminski
Director of Apartment Development,

Banner Development, LLC
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Jim Merkey
Vice President of Construction,

Banner Development, LLC
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John Burke
Vice President of Construction - Senior Living,

Banner Development, LLC