Triangle real estate update: Student towers, luxury infill and affordable housing

The Triangle’s real estate market is expanding on multiple fronts, with developers pushing forward on student housing, luxury infill, affordable communities and major mixed-use projects. From Raleigh to Cary to Wendell, here’s a look at six developments shaping the region.

Here are key takeaways:

• Student housing boom near NC State: Preiss is building Signature at Varsity, a 679-bed project across from NC State’s Greek Village, featuring a rooftop pool, two-story fitness center and a Lenovo-branded Esports lounge. The building is slated to open in fall 2027, as student housing rents near NC State have jumped 30.5% since 2020.
• North Hills’ biggest expansion yet: Kane Realty unveiled plans this week to develop 28 acres along Navaho Drive with more than 1,200 new homes, including a 20-story tower called Vesper, two apartment buildings and a 200-plus room hotel. Kane and McCourt Partners acquired the land in January for $72 million.
• Affordability test in Wendell: Brookfield Residential is launching 65 cottage-style homes on 26-foot lots at Wendell Falls, starting in the high $300,000s. The grand opening runs May 16-17, with the narrower lots allowing more homes per acre as construction costs rise.
• Luxury infill in Hayes Barton: Beacon Street is building The City Homes at Birney Park, eight multi-level residences starting at $3.5 million, with delivery expected in late 2027. The project highlights a Triangle divide: the median single-family home sale price was $439,000 in April, down 1.3% from a year ago.
• Affordable housing through partnerships: Two new communities developed by Minnesota-based Oppidan Investment Company opened in Raleigh this week, adding nearly 300 income-restricted apartments at a combined cost of more than $83 million. Birch & Branch in North Raleigh and The Pines at Peach in South Raleigh relied on tax credits, city and county loans and private investment.
• Kane Realty heads to Cary: The Raleigh-based developer unveiled two proposed mixed-use projects that would add nearly 500 homes. Flatiron is a seven-story apartment and retail building on Chatham Street with 213 apartments, while 7001 Weston would redevelop an aging office building into a five-story apartment community with up to 275 apartments.

These summary points were compiled with the help of AI tools, drawn from original reporting by Chantal Allam and edited by N&O business editor Dave Hendrickson.

This story was originally published May 16, 2026 at 12:13 PM with the headline "Triangle real estate update: Student towers, luxury infill and affordable housing."