Wood Partners is building a $40-million rental community on the site of a vacant office building next door to Cameron Village Shopping Center in Raleigh, North Carolina.
The project, called Six Sixteen, is a 207-unit rental community, which is expected to be complete in November 2017. Designed by JDavis Architects, the community will include a four- and five-story building with 183,724 rentable square feet and 389 parking spaces on a 2.41-acre lot.
The community 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, the company said in a statement.
The National Association of Home Builders estimates that 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.