A large apartment development in west Raleigh broke ground this month, opening up housing opportunities between Cary and the I-440 beltline.
Tennessee-based developer TDK Construction and local firm Capitol Commercial started work on the $90 million, 365-unit complex called Vintage Raleigh West that will also include 28 office suites.
The roughly 21-acre project is at 951 Corporate Center Drive next to the Drive Shack golf driving range. It will include 359 apartment units from studio to three-bedroom units, along with six townhomes, with a projected completion in the fall of 2022, according to developers.
The land was bought for $10 million in May, county records show.
“The Raleigh market is among the most sought‐after markets within the US. It boasts an impressive array of live, work, play aspects,” said Tyler Morris, a partner at Capitol Commercial, in a news release. “This fast‐growing region features a multitude of distinguished and top‐paying employers, high‐end executive housing options, exceptional connectivity, an affluent residential base, remarkable retail and restaurant options, and a superb array of recreational options.”
This is TDK’s second local venture, its first project being Vintage Jones Franklin, a $60 million apartment community with 288 units across from Lake Johnson Park and near I-40, which is set to be completed later this winter, the company announced previously.
“Raleigh’s economy is rebounding from the pandemic and will continue to grow,” said Kent Ayer, CEO of TDK, in a news release. “The region is booming with a diverse population of working professionals who want a modern, convenient, and comfortable lifestyle. Vintage Raleigh West brings residential living within minutes of world‐class museums, outdoor green spaces, performing arts venues, local shops, and breweries.”
The apartments will include stainless steel appliances, hardwood floors and quartz lighting, developers said.
Upon completion in late 2022, Vintage Raleigh West will also feature a gym on-site, a clubhouse with a wine bar and conference rooms, as well as a pool, dog parks and a lawn area.
More than 11,700 apartment units were under construction at the end of March this year in the Triangle, according to real estate services firm Avison Young. 7,140 units were built from March 2020 to 2021, bumping apartment inventory by 4.3%.