Feb 16 2015
Wood Partners, LLC will break ground in February on Six Sixteen, a $40 million, 207-unit rental community on the site of a vacant office building next door to Cameron Village Shopping Center in Raleigh, N.C. Leasing is expected to begin in May 2016, and construction is expected to be complete in November 2017.
Wood Residential Services, Wood Partners' property management division, will manage the property at 616 Oberlin Road.
"Cameron Village is an historic Raleigh luxury retail and restaurant destination. Six Sixteen will benefit as an adjacent luxury apartment community," said Deb Anderson, development director for Wood Partners' Raleigh-Durham office. "Raleigh is a tremendous place to live, and being able to enjoy the downtown district while also living in a neighborhood that is home to upscale, boutique shopping and dining will make Six Sixteen a hit with our future residents."
The community, designed by JDavis Architects, will include a four- and five-story building with 183,724 rentable square feet and 389 parking spaces on a 2.41-acre lot. Six Sixteen will center around a resort-style courtyard with a pool, bocce ball courts, barbecue area and outdoor TV-viewing lounge. Six Sixteen will be loaded with resident amenities, including an indoor TV lounge, a billiards lounge, a poker and wine-tasting room, a store-front fitness center with a virtual training room, a bike repair and maintenance room, a dog-grooming room, garage parking and indoor storage units. To top off the amenity list, Six Sixteen will offer a rooftop clubroom and patio overlooking the downtown Raleigh skyline.
Six Sixteen will offer studios, one-, two- and three-bedroom units as well as townhome units averaging 888 square feet. The apartments will have vinyl plank wood flooring, quartz countertops, stainless steel and ENERGY STAR®-rated appliances, 24-inch-deep undermount sinks and brushed nickel fixtures. Most units will have balconies.
"Wood Partners is a fully integrated company, and we will develop, build and ultimately manage the apartments at Six Sixteen," Anderson said. "This allows us to build apartments to the highest quality and then provide the highest level of customer experience. We have been a longtime developer in Raleigh and surrounding areas, and this will further our long relationship. We're excited to bring these new apartments to Raleigh and look forward to being neighbors with Cameron Village and its surrounding residents."
Six Sixteen will have easy access to major Wake County employers, including the State of North Carolina, IBM Corporation, WakeMed Health and Hospitals and North Carolina State University. Cameron Village, with tree-lined streets and one-of-a-kind shops, restaurants and cafes, is Raleigh's premier shopping and dining destination.
Jim Anthony of Colliers International was the broker for the deal.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 207 rental apartments will generate $16.3 million in local income, $1.7 million in taxes and other revenue for local governments and 253 local jobs.