APG Capital led an investor group to acquire 307 acres in East Raleigh along Buffaloe Road and Robertson Grove Road known as River Towne. The partially developed tract is zoned and planned for a development of up to 981 single-family and townhome lots, which are under contract for acquisition by three prominent national and regional builders. In addition, there is a future apartment site for 300-400 units.
APG Founder and CEO, Jim Anthony, is the sponsor and manager of the LLC that acquired the property. Landeavor, LLC is the development partner for the project, a leading real estate development company based in Florida that specializes in master-planned residential communities. Landeavor has a strong track record and an existing land development portfolio of over $130 million spanning five states and eight distinct markets. No stranger to Raleigh, Landeavor has successfully developed top-selling communities in metro Raleigh such as 12 Oaks and Chatham Park.
After investing three years on this project to gain the entitlements and permitting as well as securing an agreement with the City of Raleigh to bring public water and sewer to serve the project, Landeavor presented the opportunity for APG to purchase the fully entitled land in one of the nation’s strongest and most undersupplied housing markets. Jim Anthony said, “We are grateful and honored to team up with Landeavor to capitalize this project they have worked so hard to bring to this point.”
The acquisition of the property closed in February. River Towne will be ‘shovel ready’ by the end of 2023. Construction of the infrastructure will be underway in 2024 with lot delivery to the builders expected to begin around year-end 2024. Full sellout of all lots to the builders is expected to take six to eight years and yield an estimated $90 million in gross lot sales.
In addition to the builder lots and planned amenity spaces, River Towne includes a 17-acre multifamily site fronting Buffaloe Road that may include up to 350 units.
River Towne joins multiple active APG developments across the Triangle region, including the 60-acre master-planned Edgewater Commons in east Raleigh, where site work is nearing completion ahead of construction on 300 multifamily units spanning nine buildings; and The Plaza at Rhamkatte Village in Holly Springs, a 45,000+ square foot commercial mixed-use project fronting Holly Springs Road.
For further information about APG’s portfolio of land under development, please contact John Zemet, Chief Investment Officer at APG, at jzemet@apgcre.com