Developer eyes Raleigh’s Blue Ridge corridor for $115M apartment complex
A developer is planning to demolish a 1980s hotel to bring more housing to Raleigh’s Blue Ridge corridor.
Dallas-based Trinsic Residential has filed site plans for a new 370-unit apartment complex, Aura Blue Ridge, and a 550-space parking deck at 1520 Blue Ridge Road.
A Ramada by Wyndham currently operates on the 4.6-acre site with an assessed value of roughly $7.5 million.
Ryan Stewart, Trinsic Residential managing director – Carolinas, said the company is pushing ahead with the city’s approval process and expects to close on the property’s purchase sometime in late 2024. The hotel’s demolition would likely begin immediately afterward, he said.
The project’s price tag: $115 million, with first units expected to be delivered in 2025.
But here’s the fine print: Despite the complex’s proximity to North Carolina State University West Campus, and a student housing development called The Station less than a mile away, these apartments won’t be student housing.
They will target graduate students and professionals. If there’s a rush of applications from undergraduates applying for units, he said the company would restrict the age limit to 21 and older.
“This corridor has plenty of student housing,” Stewart told The N&O. “There’s not much supply of quality market-rate units for the broader community. That’s what we’re trying to fill.”
Raleigh’s Blue Ridge corridor
Raleigh’s Blue Ridge corridor is a three-mile stretch of Blue Ridge Road in West Raleigh. It’s positioned just minutes from major venues, such as PNC Arena, Carter-Finley Stadium, and the N.C. State Fairgrounds.
In recent years, it’s also emerged as one of Raleigh’s fastest-growing urban centers. Bandwidth’s new 40-acre office campus is set to open at 2230 Bandmate Way this week. And the state Department of Health and Human Services is building an 11-story tower for its new headquarters on the corner of Blue Ridge and Reedy Creek roads, across from the N.C. Museum of Art.
Trinsic Residential said its new complex will cater to those working in the area.
The proposed five-story building will include 77 studios, 162 one-bedroom units and 131 two-bedroom units. Some units will also come with dens and balconies, with the average size around 900 square feet. Two main courtyards will serve as a communal area, with 12,000 square feet of amenities, including pool and co-working space.
Stewart couldn’t specify exact pricing at this time, but said rents would be “market rate.”
That could be anywhere from $1,500 to above $2000, depending on the number of rooms, based on rents for apartments down Blue Ridge Road two miles south. Unlike some of its other projects, however, It will not include affordable housing for low-income residents.
Trinsic Residential has quickly grown its presence in the Triangle since it opened a satellite office in Durham in August 2019.
The company already has 15 projects — some 5,000 units — in the works for North Carolina. “Of those 15 projects, 13 are in the Triangle,” Stewart said. The two others are in Charlotte. “We plan to focus a large percentage of our future pipeline in the Carolinas.”
Three developments are already under construction. They include Aura 509 in Durham, Aura Chapel Hill and Aura Farrington 54 in Chapel Hill.
Leasing opened for Aura 509 last month, and Stewart said demand has been strong. “We’ve signed 40 leases in six weeks. It exceeded our expectations.”
Out-of-state developers swarm Triangle
Trinsic Residential is among a handful of out-of-state developers buying up land or properties to redevelop for housing across the greater Triangle.
Arizona-based Meritage Homes recently paid an undisclosed sum for three tracts for its Raleigh division. It’s planning a 25-acre development in Durham County, 57-acre development in Harnett County and 166-acre development in Wake County.
Separately, California-based homebuilder Tri Pointe Homes purchased close to 8.5 acres of mostly wooded land along Crescent Drive in Durham for around $5.9 million. It’s preparing to build a 102-unit townhome community.
That influx of new housing can’t come soon enough, say experts. While inventory is edging up slowly and the market is starting to normalize, the Triangle still has too little housing to meet demand. The Raleigh metro area alone needs at least 17,000 more units, according to a recent Zillow study.
