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More apartments finally coming to Downtown

SEP 29, 2011

Lots of news in apartment building for Downtown Raleigh,

"And last week, the firm paid $4.6 million for five parcels of land just blocks from 712 Tucker. The nearly 1.8-acre site is to be turned into an eight-story, 250-unit apartment complex by Southern Land Co., a Tennessee developer....

Developers are expected to break ground this fall on two other apartment projects just blocks from 425 Boylan Ave.

Developer Gregg Sandreuter submitted site plans with Raleigh last month for a 153-unit apartment complex to be built next door to his 17-story West condominium building.

Beginning in late 2012, downtown could see more than 600 new apartment units come on the market within a matter of months - a scenario that is sure to challenge investors' rosy outlook for the sector.

There's the possibility that even more apartment projects could be proposed in the coming months if current commercial real estate trends continue."

Get the rest of the scoop from the N&O!

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