The Halle Companies is seeking to rezone a 20-acre site located at 5009 Louisburg Road in Northeast Raleigh for the development of a large apartment complex. The proposed project will consist of a seven-story tower with up to 700 units, estimated to cost $300,000 per unit or $210 million in total. The developer plans to fund the project using its own equity.
Approximately 70% of the units will be studios and one-bedroom apartments, with rental rates set at $2.25 per square foot or an average monthly rent of $1,700 for a 750-square-foot apartment.
Residents can look forward to top-notch amenities such as a full-sized gym with adjacent yoga space, indoor and outdoor swimming pools, sports simulator room, billiards and table tennis area, arcade games section,a business center,and courtyards.The rooftop amenity offers stunning views as well.
In addition,the company has another project in the works across from this development site which consists of approximately400 units.
This news was first reported by Triangle Business Journal.
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