Apartment Construction Continues in the Triangle with 23-story Development in Downtown Raleigh

Posted on December 12, 2013 by - Apartments, Construction Update, Raleigh

SkyhouseRaleighWith over 9,336 apartment units under construction during September 2013 in the Raleigh-Durham market, Novare Group and Beacon Partners have broken ground on Skyhouse Raleigh, a planned 23-story apartment building, in Downtown Raleigh.  The project is on a fast track completion deadline and is slated to deliver 320-units within 12-months.

The Triangle apartment market continues to attract investors, with current construction levels the highest reported in any period since 1997. The Triangle area market reports, which are prepared by KARNES and made available online at www.aptxchange.com, cover market conditions including construction, vacancy, absorption, and rental trends. Below are a few highlights from the most recent report.

  • A total of 105,477 units where surveyed during the Fall 2013 period.
  • Over the six-month period ending in September 2013, a total of 2,866 units were completed
  • A total of 9,336 units were under construction in the Triangle as of September 2013.
  • The regional vacancy rate climbed 0.4% of a point to 5.9% from the reported March 2013 vacancy of 5.5%
  • At $898, the Fall 2013 average weighted monthly rent for all apartment units in the Triangle was up $19 from the average reported in March 2013.

To find out more about the multifamily market in the Triangle Region, please visit us at www.aptxchange.com or by calling us at 800.879.7172.