davis park east - loopnet
TRANSCRIPT
DAVIS PARK EASTResearch Triangle Park, 27703
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
David BattenVice President | Southeast U.S.919 582 [email protected]
LAND FOR SALE
2.85 Acres Available for Multifamily Development
FAULKNER STREET
FAULKNER STREET
KEATING STREET
KEATING STREET
THAYER STREET
THAYER STREET
MERRION AVENUEMERRION AVENUE
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
262 UNITS262 UNITS DAVIS PARK DAVIS PARK TOWNESTOWNES
AVAILABLEAVAILABLE
HOTELHOTELPOD APOD A
MULTIFAMILYMULTIFAMILYPOD GPOD G
AVAILABLEAVAILABLE
UNDERUNDERCONTRACTCONTRACT
Davis Park East is a 93-acre fully entitled land tract in a blue chip location adjacent to Research Triangle Park.
Davis Park East is one of the premiere land parcels for mixed-use development adjacent to Research Triangle Park.
This world class land development opportunity is well positioned with locational attributes and an economic basis that will enable a developer to experience a high level of value creation.
DAVIS PARK EASTDAVIS PARK EAST
Hopson RoadHopson Road
Research Research Triangle Park Triangle Park
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Minutes to Minutes to Raleigh Durham Raleigh Durham
International AirportInternational Airport
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• 3,500 RTP Employees• $5.2 trillion, Assets under administration
• 2,000 RTP Employees• Largest facility built by the agency, covering nearly 1.2 million SF
• 2,500 RTP Employees• Merged with IMS Health, generated $7.2 billion in revenue in 2015
• 12,000 RTP Employees• Annual revenue of $82 billion
Pod G - Property Detail
• +/- 2.85 Usable Acres
• Tax District: County - Durham | City - Durham
• Land Use: Multifamily - 300 Units
• Zoning: OI-2 CN
• Utilities: Municipal Water/Sewer
• Building Height: 140’
• Asking Price: $6,000,000
PREMIER URBAN MIXED-USE DEVELOPMENT OPPORTUNITY
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
Under Under ConstructionConstruction
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
David BattenVice President | Southeast U.S.919 582 [email protected]
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
DAVIS PARK DAVIS PARK TOWNESTOWNES
DENSITY POD PLAN
DISCLAIMER: No warranty or representation, express or implied, is made to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by principals.
Pod Plan 2016-12-8-SRM-15000 Minimum Maximum Units
Pod A - Mixed Use/Hospitality/Office - Available 96,000.00 120,000.00 SF
Pod B - Multi-Family - Under Contract 400.00 Apartments
Pod C/D - Townhomes - Under Construction - Davis Park Townes 181.00 Townhomes
Pod E - Retail / Office 20,000.00 25,000.00 SF
Pod F - Under Construction 400.00 Apartments
Pod G - Available 300.00 Apartments
Pod H, J, & K - Apartments - Brizo Apartments 262.00 Apartments
HOTELHOTELPOD APOD A
AVAILABLEAVAILABLE
MULTIFAMILYMULTIFAMILYPOD G POD G
AVAILABLEAVAILABLE
POD BPOD BUNDER CONTRACTUNDER CONTRACT
10378
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
Under Under ConstructionConstruction
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
David BattenVice President | Southeast U.S.919 582 [email protected]
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
DAVIS PARK DAVIS PARK TOWNESTOWNES
AERIAL PHOTOS
FAULKNER STREET
FAULKNER STREET
KEATING STREET
KEATING STREET
THAYER STREET
THAYER STREET
MERRION AVENUEMERRION AVENUE
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FAU
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KEATING STREET
KEATING STREET
THAYER STREET
THAYER STREET
MERRION AVENUEMERRION AVENUE
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
262 UNITS262 UNITS
DAVIS PARK DAVIS PARK TOWNESTOWNES
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
262 UNITS262 UNITS DAVIS PARK DAVIS PARK TOWNESTOWNES
POD PLAN WITH UTILITIES
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
David BattenVice President | Southeast U.S.919 582 [email protected]
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
262 UNITS262 UNITS
DAVIS PARK DAVIS PARK TOWNESTOWNES
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Triangle Expressway
Triangle Expressway
Miami Blvd Miami Blvd
N.C. Railroad N.C. Railroad
Davis DriveDavis Drive
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Keystone Drive Keystone Drive
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MULTIFAMILY MARKET
Scenic beauty, a moderate climate, a culture rich in history and the arts, world-class sports and recreational opportunities all make North Carolina an exceptional place to live and do business. The Raleigh-Durham MSA, commonly referred to as The Triangle, spans seven counties in the central region of North Carolina. The “Triangle” reference was first coined in the late 1950’s with the creation of Research Triangle Park, named for its location relative to three tier-one research universities - North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill, and the cities in which they are located - Raleigh, Durham and Chapel Hill.
Raleigh-Durham MSA Overview
Higher education is considered the cornerstone of the Triangle region. With three tier-one research universities and twelve additional colleges and universities that have a combined enrollment of 131,000, all are a major contributor to the region’s high-performance workforce. The region saw 42,000 graduates with bachelor’s degrees or higher in 2019. The Raleigh-Durham MSA has a total population of 1.9 million, of which 49% hold bachelor’s degrees or higher. Companies relocate and expand here because of the quality and depth of the existing talent pool and the pipeline of graduates coming from these educational facilities.
Education & High-Performance Workforce
RDU MSA Educational Attainment
Bachelors Degree
51%
Masters Degree24%
Doctorate Degree
6%
Associates Degree
13%
Professional School Degree6%
Field of Study, Bachelor’s Degree & Higher
STEM51%
Arts, Humanities,
Other23%
Business17%
Education9%
“The Triangle is at an exciting crossroads, continuing to lead the country in nearly every measure of economic success. Our talent bench is already quite deep, especially when compared with many other metropolitan areas of our size across the nation.”Raleigh Chamber of Commerce
“Durham is in the midst of an entrepreneurial boom. Entrepreneurs and startups are attracting national attention from the public sector, Silicon Valley investors, and talented individuals worldwide. From its beginnings in tobacco and textiles to Black Wall Street and the Research Triangle Park, Durham is a community of entrepreneurs who value creative ideas, asking “What if?” and bringing talented people together to answer that very question.”Greater Durham Chamber of Commerce
Propert ies Units Year Bui l t Pr ice PPU Locat ion Buyer
The Dillon 271 2018 $90,448,177 $333,757 Raleigh MetLife
Solis Brightleaf 192 2019 $58,200,000 $303,125 Durham Principal Real Estate Investors
The Metropolitan 241 2018 $65,000,000 $269,710 Raleigh Snell Properties
Park & Market 409 2009 $110,000,000 $268,949 Raleigh Blackstone
Corltand Cary 205 2019 $49,200,000 $240,000 Cary Round Hill Capital
The Townes at Bishops Park 51 1964 $12,150,000 $238,235 Raleigh Opus North Real Estate
The Manor at Weston 302 2020 $69,300,000 $229,470 Cary Eaton Vance Real Estate Group
Leigh House 245 2016 $55,250,000 $225,510 Raleigh Eaton Vance Real Estate Group
Crabtree Lakeside 221 2017 $49,500,000 $223,982 Raleigh Stony Point Development Group
Lincoln 224 2019 $48,750,000 $217,634 Raleigh Hargett408, LLC
Preston View 382 1999 $78,750,000 $206,152 Morrisville The Dermot Company
Exchange at Holly Springs 316 2019 $65,100,000 $206,013 Holly Springs Myers Apartment Group
The Reserve at Cary Park 240 2006 $49,440,000 $206,000 Cary The Connor Group
The Villages at Westford 296 2020 $60,750,000 $205,236 Apex Blackstone
Braxton Cary Weston 288 1995 $57,600,000 $200,000 Cary Passive Investing
Capital Markets
Apartment Sales in the Raleigh-Durham market have rebounded significantly from the steep decline the region saw in 2Q 2020. The 3Q and 4Q sales figures alone totaled approximately $1.4B of transaction volume. Throughout the pandemic, the Raleigh-Durham multifamily sector has remained one of the top investment vehicles driving real estate capital markets. Investors have remained confident and are capitalizing on one of the fastest growing markets in the nation with the average price per unit growing north of $186,000. Additionally, reporting from a national level stated that 74% of transaction volume has been seen in non-major markets (i.e., Raleigh, Nashville, Austin). With other sectors like hospitality, retail and office being devastated by the on-going pandemic, investors can be assured that the multifamily sector, especially in Raleigh-Durham is poised to have significant positive momentum going into 2021.
Notable Triangle Sales 3Q & 4Q COVID-19
The Raleigh-Durham multifamily sector rounded out 2020 on a very positive note indicating favorable metrics heading into the new year. After a rocky first half 2020, rent growth in the market finished flat with outlooks for the next three years trending positive. Apartment sales also climbed out of a mid-year slump to make total transaction volume in the region over $2.4B. Despite government shutdowns and regulations, apartment occupancy and collections in the region have remained steady. With the rollout of the vaccine across the nation and indications of the pandemic slowing, collection figures should remain steady in the near future. Despite multifamily fundamentals not being able to outpace 2019 levels, the Raleigh-Durham market has fared much better than other metros around the United States. Similarly, according to an annual poll by the Urban Land Institute, strong demographics and continued growth in the region have poised Raleigh-Durham as the #1 market in the United States for best real estate prospects. The region has been in the top-3 for a few years and has now risen to the #1 spot in front of Nashville and Austin. In all, the Raleigh-Duham market. Multifamily especially is positioned to be another dominant asset class in the region heading into 2021.
Overview
Carrington at Perimeter Park
MULTIFAMILY MARKET
RESEARCHTRIANGLE PARK
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
Research Triangle Park (RTP) is the leading and largest high technology research and science park in North America.
Founded in 1959, this 7,000-acre namesake for the entire Triangle region is two miles wide and eight miles long, based in Durham with an extension now spilling into Wake County toward Cary and Morrisville.
Just four miles from Downtown Durham and encompassed on three sides by the City of Durham, RTP was originally named for its affi liation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.
Originally envisioned by UNC’s Howard W. Odum and fostered by the administration of Durham native Governor William Umstead, the Park was developed by the Research Triangle Foundation in 1959 and now includes over 170 companies, 42,000 full time employees, and 10,000 contract workers.
The three original universities are joined by Durham’s North Carolina Central University
(located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.
Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, telecommunications, and textile businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709. It exists in a special county district, serviced by Durham utilities.
The map at left represents the top employers in the Durham portion of RTP. For more information and complete listings of RTP companies and organizations, visit www.rtp.org.
The Research Triangle Park
Reichhold, Inc./IEM
National Institute of Statistical Sciences
Grifols, Inc
Medicago
Nortel Networks/Avaya
Fidelity Investments
To Hwy 54/55 Lodging & Dining Cluster
Lodging & Dining Cluster
Where great innovations happen
Durham
RTP
County
City
For other publications and information on the great things to see and do in Durham, speak with a friendly information specialist at the Durham Visitor Information Center at 101 E Morgan St in Downtown Durham. (919) 687-0288 or (800) 446-8604. 8:30am-5pm, M-F; 10am-2pm, Sa.
Or visit www.durham-nc.com, the offi cial Durham website for visitors and newcomers, featuring searchable listings, event calendar, maps, live chat, and more.
Convention & Visitors Bureau
101 E Morgan St, Durham, NC 27701 USA(919) 687-0288 | (800) 446-8604FAX (919) 680-8340www.durham-nc.com
AN ACCREDITED DESTINATION MARKETING ORGANIZATION
1 2 E X E M P L A R Y C I TAT I O N S
Founded in 1959 by N.C. leaders in academia, business and government, Research Triangle Park (RTP) is the largest, continuously operating research park in North America. Covering 7,000 acres, it is home to more than 200 research, technology and ag-bio companies that employ more than 40,000 knowledge workers. RTP Headquarters is located in Durham and is a 25-minute drive from downtown Raleigh.
RTP was originally named for its affiliation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.
The three original universities are joined by Durham’s North Carolina Central University (located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.
Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, textile, and telecommunications, businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709.
Research Triangle Park (RTP) is the leading and largest high technology research and science park in North America.
Founded in 1959, this 7,000-acre namesake for the entire Triangle region is two miles wide and eight miles long, based in Durham with an extension now spilling into Wake County toward Cary and Morrisville.
Just four miles from Downtown Durham and encompassed on three sides by the City of Durham, RTP was originally named for its affi liation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.
Originally envisioned by UNC’s Howard W. Odum and fostered by the administration of Durham native Governor William Umstead, the Park was developed by the Research Triangle Foundation in 1959 and now includes over 170 companies, 42,000 full time employees, and 10,000 contract workers.
The three original universities are joined by Durham’s North Carolina Central University
(located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.
Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, telecommunications, and textile businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709. It exists in a special county district, serviced by Durham utilities.
The map at left represents the top employers in the Durham portion of RTP. For more information and complete listings of RTP companies and organizations, visit www.rtp.org.
The Research Triangle Park
Reichhold, Inc./IEM
National Institute of Statistical Sciences
Grifols, Inc
Medicago
Nortel Networks/Avaya
Fidelity Investments
To Hwy 54/55 Lodging & Dining Cluster
Lodging & Dining Cluster
Where great innovations happen
Durham
RTP
County
City
For other publications and information on the great things to see and do in Durham, speak with a friendly information specialist at the Durham Visitor Information Center at 101 E Morgan St in Downtown Durham. (919) 687-0288 or (800) 446-8604. 8:30am-5pm, M-F; 10am-2pm, Sa.
Or visit www.durham-nc.com, the offi cial Durham website for visitors and newcomers, featuring searchable listings, event calendar, maps, live chat, and more.
Convention & Visitors Bureau
101 E Morgan St, Durham, NC 27701 USA(919) 687-0288 | (800) 446-8604FAX (919) 680-8340www.durham-nc.com
AN ACCREDITED DESTINATION MARKETING ORGANIZATION
1 2 E X E M P L A R Y C I TAT I O N S
Source: Durham Convention & Visitors Bureau & VisitRaleigh
SITE
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
David BattenVice President | Southeast U.S.919 582 [email protected]
RESEARCHTRIANGLE PARK
Passengers(2016)
11,000,000
https://www.rtp.org/
DEMOGRAPHICSMarket Profile4407 Hopson Rd, Morrisville, North Carolina, 27560 Prepared by EsriRings: 5, 10, 20 mile radii Latitude: 35.87881
Longitude: -78.86051
5 miles 10 miles 20 milesPopulation Summary
2000 Total Population 33,618 312,372 887,4442010 Total Population 83,890 426,258 1,180,1442019 Total Population 118,263 528,064 1,420,248
2019 Group Quarters 205 9,782 44,6442024 Total Population 135,509 587,368 1,565,779
2019-2024 Annual Rate 2.76% 2.15% 1.97%2019 Total Daytime Population 170,937 593,567 1,557,643
Workers 121,314 355,060 891,755Residents 49,623 238,507 665,888
Household Summary2000 Households 14,438 123,882 346,153
2000 Average Household Size 2.31 2.44 2.442010 Households 36,459 173,786 461,310
2010 Average Household Size 2.30 2.40 2.462019 Households 50,836 214,802 554,431
2019 Average Household Size 2.32 2.41 2.482024 Households 58,023 238,782 611,134
2024 Average Household Size 2.33 2.42 2.492019-2024 Annual Rate 2.68% 2.14% 1.97%
2010 Families 21,364 104,970 286,7812010 Average Family Size 2.98 3.06 3.07
2019 Families 29,389 127,889 339,9812019 Average Family Size 3.04 3.10 3.13
2024 Families 33,418 141,479 373,1792024 Average Family Size 3.06 3.12 3.142019-2024 Annual Rate 2.60% 2.04% 1.88%
Housing Unit Summary2000 Housing Units 15,833 133,056 370,407
Owner Occupied Housing Units 52.6% 53.9% 56.5%Renter Occupied Housing Units 38.6% 39.3% 37.0%Vacant Housing Units 8.8% 6.9% 6.5%
2010 Housing Units 39,605 188,625 498,839Owner Occupied Housing Units 48.3% 52.7% 56.2%Renter Occupied Housing Units 43.8% 39.4% 36.2%Vacant Housing Units 7.9% 7.9% 7.5%
2019 Housing Units 54,752 231,460 597,188Owner Occupied Housing Units 52.4% 52.9% 56.1%Renter Occupied Housing Units 40.5% 39.9% 36.8%Vacant Housing Units 7.2% 7.2% 7.2%
2024 Housing Units 62,311 256,600 656,529Owner Occupied Housing Units 53.2% 53.5% 56.6%Renter Occupied Housing Units 39.9% 39.6% 36.5%Vacant Housing Units 6.9% 6.9% 6.9%
Median Household Income2019 $90,728 $81,893 $76,5892024 $102,484 $93,256 $86,548
Median Home Value2019 $303,110 $298,456 $290,9192024 $326,138 $321,136 $314,050
Per Capita Income2019 $49,284 $44,168 $40,9372024 $55,101 $49,534 $45,945
Median Age2010 32.7 33.8 34.12019 34.5 35.7 35.72024 33.7 35.8 35.8
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population.Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024 Esri converted Census 2000 data into 2010 geography.
January 23, 2020
©2020 Esri Page 1 of 7
Market Profile4407 Hopson Rd, Morrisville, North Carolina, 27560 Prepared by EsriRings: 5, 10, 20 mile radii Latitude: 35.87881
Longitude: -78.86051
5 miles 10 miles 20 milesPopulation Summary
2000 Total Population 33,618 312,372 887,4442010 Total Population 83,890 426,258 1,180,1442019 Total Population 118,263 528,064 1,420,248
2019 Group Quarters 205 9,782 44,6442024 Total Population 135,509 587,368 1,565,779
2019-2024 Annual Rate 2.76% 2.15% 1.97%2019 Total Daytime Population 170,937 593,567 1,557,643
Workers 121,314 355,060 891,755Residents 49,623 238,507 665,888
Household Summary2000 Households 14,438 123,882 346,153
2000 Average Household Size 2.31 2.44 2.442010 Households 36,459 173,786 461,310
2010 Average Household Size 2.30 2.40 2.462019 Households 50,836 214,802 554,431
2019 Average Household Size 2.32 2.41 2.482024 Households 58,023 238,782 611,134
2024 Average Household Size 2.33 2.42 2.492019-2024 Annual Rate 2.68% 2.14% 1.97%
2010 Families 21,364 104,970 286,7812010 Average Family Size 2.98 3.06 3.07
2019 Families 29,389 127,889 339,9812019 Average Family Size 3.04 3.10 3.13
2024 Families 33,418 141,479 373,1792024 Average Family Size 3.06 3.12 3.142019-2024 Annual Rate 2.60% 2.04% 1.88%
Housing Unit Summary2000 Housing Units 15,833 133,056 370,407
Owner Occupied Housing Units 52.6% 53.9% 56.5%Renter Occupied Housing Units 38.6% 39.3% 37.0%Vacant Housing Units 8.8% 6.9% 6.5%
2010 Housing Units 39,605 188,625 498,839Owner Occupied Housing Units 48.3% 52.7% 56.2%Renter Occupied Housing Units 43.8% 39.4% 36.2%Vacant Housing Units 7.9% 7.9% 7.5%
2019 Housing Units 54,752 231,460 597,188Owner Occupied Housing Units 52.4% 52.9% 56.1%Renter Occupied Housing Units 40.5% 39.9% 36.8%Vacant Housing Units 7.2% 7.2% 7.2%
2024 Housing Units 62,311 256,600 656,529Owner Occupied Housing Units 53.2% 53.5% 56.6%Renter Occupied Housing Units 39.9% 39.6% 36.5%Vacant Housing Units 6.9% 6.9% 6.9%
Median Household Income2019 $90,728 $81,893 $76,5892024 $102,484 $93,256 $86,548
Median Home Value2019 $303,110 $298,456 $290,9192024 $326,138 $321,136 $314,050
Per Capita Income2019 $49,284 $44,168 $40,9372024 $55,101 $49,534 $45,945
Median Age2010 32.7 33.8 34.12019 34.5 35.7 35.72024 33.7 35.8 35.8
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population.Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024 Esri converted Census 2000 data into 2010 geography.
January 23, 2020
©2020 Esri Page 1 of 7
APG ADVISORS1201 Edwards Mill Rd, Ste 300
Raleigh, NC 27607www.apgcre.com
Multifamily
DAVIS PARK EASTResearch Triangle Park, 27703
Francis T. Quinn, Jr.Executive Vice President | Southeast U.S.919 582 [email protected]
David BattenVice President | Southeast U.S.919 582 [email protected]
FAULKNER STREET
FAULKNER STREET
KEATING STREET
KEATING STREET
THAYER STREET
THAYER STREET
MERRION AVENUEMERRION AVENUE
BRIZO LUXURY BRIZO LUXURY APARTMENTSAPARTMENTS
262 UNITS262 UNITS DAVIS PARK DAVIS PARK TOWNESTOWNES