Capital Associates to Build $30M Employee Housing on Centennial Campus in Raleigh

by Adriana Pop, Associate Editor

Cary-based Capital Associates is expected to break ground on The Greens at Centennial Campus, a 292-unit rental project in Southwest Raleigh to house campus employees. According to the NewsObserver, the $30 million complex would include three apartment buildings spread over 10 acres.

At the moment, the only residential development at the 1,125-acre campus includes 33 for-sale townhouses. The university is also constructing a $129 million apartment-style student housing complex, which will offer 1,195 beds.

Capital Associates, however, will not be targeting students as tenants. Instead, it hopes to attract public- and private-sector employees who work on campus. Expected to open a year from today, the new community will offer a green environment and more affordable rents than the new apartment complexes currently being built in Glenwood South or Cameron Village.

“We’re going to offer a very different environment,” Tom Huff, an associate partner with Capital Associates told the newspaper. “We’re surrounded by golf courses and lakes and bike trails.”

Amenities at the N.C. State University Centennial Campus include an 18-hole public golf course, bike and walking trails, as well as a fishing pier by Lake Raleigh. The university hopes to add more amenities, with the proposed construction of a $56.6 million conference center and hotel. Developer Concord Eastridge of Arlington, Va., has yet to secure financing for the project.

In other news, the Sheraton Raleigh Hotel at 421 South Salisbury Street in downtown Raleigh has been sold to a subsidiary of a fund managed by Oaktree Capital Management L.P. and affiliates of Northview Hotel Group. Financial terms of the transaction were not disclosed.

The hotel was built in 1981 and features 353 guest rooms, a 4,600-square-foot restaurant and 18,000 square feet of meeting space. The Triangle Business Journal reports that the seller, Genwood Raleigh LLC, a subsidiary of Gencom Group of Miami, purchased the property in 2006 for $22 million.

The sale marks Northview’s second acquisition in the last four months. In May, the company acquired the Sanderling Resort & Spa, a picturesque oceanfront resort in Duck, North Carolina.

Photo credits: www.lonniepoolegolfcourse.com