Skycrest Townhomes Development Site

Capstone is pleased to present the Skycrest Townhomes Development Site, a ±5.17-acre, zoned and entitled site located in Raleigh, North Carolina that is approved for 70 infill Build-To-Rent or For-Sale townhomes by-right. This development site in Raleigh’s North Hills submarket presents developers with the rare opportunity to acquire a fully approved site in the second fastest-growing metro in the United States. Skycrest Townhomes will allow buyers to capitalize on the consistent 4%+ population growth as well as the 18% increase in housing prices seen in the Raleigh MSA over the past 36 months once construction is complete. The development site is located within proximity to all major employers, retail, and commercial services in Raleigh. Located less than a minute away from 440 Beltline, the site sits along
Brentwood Rd/North Raleigh Blvd (14,000 VPD), giving future residents easy access to demand drivers and major thoroughfares across Raleigh-Durham. Future residents will reach downtown Raleigh within 5 minutes by car. Downtown Raleigh is home to major amenities such as the North Carolina Museum of Natural Sciences, Red Hat Amphitheater, North Carolina Museum of Art, and City Market.
North Hills is also a quick 5-minute drive away. North Hills is one of North Carolina’s most upscale locations and the one of the most sought-after neighborhoods in Raleigh. The submarket is home to over 130+ local shops, high-end shopping, recognized restaurants, lively bars, outdoor concerts, top employers, and modern apartments. Additionally, located 20 minutes away, the Research Triangle Park leading the charge as the main economic driver in the market. The Research Triangle Park is home to over 300 companies including Google, IBM, Cisco, Biogen, Oracle, Red Hat, Lenovo, and Apple. Boasting a workforce of over 55,000 people, the Research Triangle Park contributes to over $2.7 billion in annual economic activity. The Skycrest Townhomes Development Site presents an outstanding opportunity for future ownership to capture market share in one of the fastest-growing submarkets in the United States.

Investment Highlights:

Development Flexibility | Build as For-Rent or For-Sale Product, By-Right

Located Within a Qualified Opportunity Zone Centrally Located to Raleigh’s Urban Core

Streamlined Development Process | Zoned/Entitled with Approved Site Plan

Located in North Hills, Raleigh’s Hottest and Most Sought-After Submarket