Apex developer buys one of last tracts inside Raleigh Beltline. See what’s coming.
One of the last remaining large tracts of undeveloped land inside the Raleigh Beltline has been scooped up by a luxury real estate developer.
Apex-based Loyd Builders has purchased five parcels — nearly 10 acres — at 2710-2730 Toxey Drive, between St. Mary’s Street and White Oak Drive, on the inner rim of Interstate 40.
The wooded lots sit less than three miles from sought-after neighborhoods like Five Points, North Hills and the Village District; and around the corner from the Carolina Country Club on Glenwood Avenue.
“This is truly an A+ location,” said Tripp Loyd, founder of Loyd Builders, which has operated in the region for over 20 years and built in high-end developments like Raleigh’s North Ridge Country Club, MacGregor Downs in Cary, and The Hills of Rosemont in Durham.
“This piece of land fits exactly with what we wanted for our clients.”
As growth grips the region and land becomes even more scarce, it also came with a hefty price tag: around $10.4 million, or just over $1 million per acre.
Woodrow Park ll LLC, the seller, had marketed the land for a range of options — from a massive estate lot to a mix of three-story apartments.
But Loyd, a second-generation builder, has other plans. Density isn’t one of them.
Instead, he plans to build 11 custom luxury homes on a private road with a cul-de-sac. Lots will range from 0.45 acres to 1.4 acres. Prices will start at around $5 million.
Loyd said he’s targeting high-net-worth individuals like executives and investors. And despite today’s higher mortgage rates and property taxes, he’s not worried about attracting buyers.
Case in point: One of his latest projects, Shadow Creek Estates in North Raleigh, has sold 26 of 31 lots with an average price of around $5 million, he said.
“This price point seems to be doing well for us,” he said adding, “Historically, this [new] location is even more valuable.’
This story was originally published July 15, 2024 at 12:44 PM with the headline "Apex developer buys one of last tracts inside Raleigh Beltline. See what’s coming.."
