The site is located at the southwest corner of Aviation Parkway and the future McCrimmon Parkway located in Wake County, North Carolina – an extension of Evans Road. Moreover, it is located within close proximity to some of the largest job centers in the Raleigh Metro area, including the Weston Office Corridor (less than a mile), Perimeter Park (1.5 miles) and Research Triangle Park (3 miles). The site is also 2.5 miles south of the Raleigh Durham Airport and is located within the town of Morrisville. The parcel is approximately 12.68 acres zoned for its intended use, which is a 298-unit apartment community. The unit mix is designed to accommodate a wide range of demographics, from young professionals to families to empty nesters.
The Raleigh project, ELIM’s second US multi-family rental project, is located in North Carolina’s capital, close to the largest technology development area in the United States. The construction of the project was not affected during the epidemic period, and the project will be rented from January 2021. In April, we received two buyout applications from private equity firms. Based on the certainty of the transaction, we decided to cooperate with Westbrook Partners, the buyer of the Sarasota project, to sell the project. The project, which was completed in June and retired in mid-July, was 67% leased as of July 11, with an average of 28 units being rented per month.