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DRP Breaks Ground on Crabtree Lakeside Residences

Raleigh-Based Developer Acquires 16-Acre Site for 221-Unit Apt Community
January 25, 2018
Dominion Realty Partners (DRP), a Raleigh-based developer, broke ground on the Crabtree Lakeside Residences, a 221-unit multifamily community in Raleigh, NC.

The developer acquired the 16-acre site from Wells Fargo Bank, acting as Trustee for a local family trust, and Chris Wood & Associates, Inc. for $6.21 million, or approximately $394,000 per acre. The buyer also secured $16.39 million in joint venture equity for the development.

The 150,000-square-foot planned community will be made up of seven two- and three-story residential buildings, featuring a mix of one- and two-bedroom units averaging 897 square feet. Community amenities include a swimming pool, grilling stations, fitness center, clubhouse, business center, game room, dog park, and is within walking distance to the 1.35 million-square-foot Crabtree Valley Mall.

Crabtree Lakeside Residences is expected to deliver its first units in late 2019.

Justin Good, Jeff Glenn, Allan Lynch and Sarah Goodwin of Holliday Fenoglio Fowler LP (HFF) represented the seller in the transaction. Good, in addition to Travis Anderson and Roger Edwards of HFF’s equity placement team, arranged the equity on behalf of DRP.

Please see CoStar COMPS #4090802 for more information on the transaction.
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