Homewood Banks
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Raleigh, NC

Apartments

Due Diligence and Development Oversight

    Our Role

    RPL provided due diligence and development oversight services on behalf of an institutional equity partner.

    Unique Approach

    • Challenging jurisdictional approval processes.
    • Severely sloped site required terracing and phasing of buildings.
    • Limited qualified subcontractors and suppliers.

    Outcomes

    • Completed slightly later than scheduled due to materials and labor availability.
    • Great product that leased well.
    • Sold to next owner for a profit.

    Scope of Work

    Development of garden style market-rate apartments throughout 15 buildings with indoor and outdoor amenities.

    Project Summary

    • Client: One of the largest institutional private equity investment firms
    • Location: Raleigh, NC
    • Size: 221 units, 4 floors, 198,219 RSF
    • Timeline: 2017 to 2020
    • Services: Due Diligence and Development Oversight
    • Cost: $40 Million
    • Architect: Rule Joy Trammell + Rubio
    • Contractor: VCC Construction
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