North Carolina Construction News staff writer
A new 200-unit affordable housing community is moving forward in Raleigh after the successful financial closing of the Chapanoke development, a public-private partnership aimed at expanding housing options for lower-income households in Wake County.
The nearly $93-million project, located at 326 Chapanoke Rd., is being developed by Raleigh Community Partners LLC, a joint venture between Harmony Housing Affordable Development Inc., Gilbane Development and F7 International Development.
The development will provide apartment homes for households earning between 30 and 70 per cent of the area median income and is intended to address growing demand for affordable housing in one of North Carolina’s fastest-growing regions.
Construction is expected to be completed in early 2028.
Chapanoke will include a mix of one-, two- and three-bedroom apartments, along with resident amenities. The community is located adjacent to Wake Technical Community College’s Public Safety Education Campus and near the planned Southern Wake Bus Rapid Transit corridor, providing residents with access to education, workforce training, employment and future transit.
The project is the result of a partnership involving Wake County, the City of Raleigh, Wake Tech Community College, Raleigh Community Partners and several financing partners. The site, formerly publicly owned land, is being redeveloped into a long-term affordable housing community.
“Chapanoke reflects the power of partnership in addressing one of the most pressing challenges facing growing communities today,” said Yarojin Robinson, senior vice-president of affordable and mixed-income housing at Gilbane Development.
Robinson said the project will expand access to quality affordable housing while connecting residents to education, employment and future transit opportunities.
Tanya Eastwood, president and CEO of Harmony Housing Affordable Development, said the project advances Wake County’s vision for affordable housing, transit-oriented development and sustainable design.
“Its location adjacent to Wake Tech’s Public Safety Education Campus creates opportunities for residents to live near education, workforce training, employment and future transit,” Eastwood said.
Wake County is contributing the land for the development as well as $7.1 million in gap financing.
“Creating 200 units of affordable housing on this site will ensure equitable access to the benefits of growth in this neighborhood stemming from the forthcoming Bus Rapid Transit corridor,” said Mark Perlman, deputy director of Wake County’s Housing Affordability and Community Revitalization Department.
Perlman said the project is also expected to benefit eligible Wake Tech students by improving access to stable, affordable housing near campus.
The project is being financed through a combination of public and private funding, including Low-Income Housing Tax Credit equity from Greystone Real Estate Capital, construction and permanent financing from Greystone Housing Impact Investors LP and Citi Community Capital, and subordinate loans from Wake County and the City of Raleigh.
James “Monte” Montague, president of F7 International Development, said the project is intended to strengthen neighbourhoods while expanding access to housing for working families.
“As a Raleigh-based developer, we understand that affordable housing is about far more than constructing buildings — it is about creating opportunity, strengthening neighborhoods and ensuring that the people who work in our community can also afford to live here,” he said.