‘Multi-phase’ land deal closes for 900-plus community on Chapel Hill-Durham border
An out-of-state developer has acquired more land for the next phases of a massive development on the Durham-Chapel Hill border.
AvalonBay Communities recently purchased 7.79 acres at 4802 Durham-Chapel Hill Blvd. from Chapel Hill-based developer Beacon Properties Group — the final step in a “multi-phase” purchase.
The price tag: $19.1 million, according CBRE, which brokered the transaction.
The land is slated for phases 2 and 3 of Avalon Oakridge, a new 930-unit, mid-rise apartment community. Along U.S. 15-501, halfway between downtown Durham and Chapel Hill, it sits next to New Hope Commons shopping center and across the street from Patterson Place shopping center.
The investment is a “testament to the strength, durability and growth prospects for our Raleigh-Durham ecosystem,” said Howard Jenkins, CBRE’s head of multifamily investment sales, in a release.
In October 2023, the Virginia-based developer purchased 6.82 acres at 4802 Durham-Chapel Hill Blvd. for $16.75 million.
Phase 1 broke ground earlier this year. It features 459 market-rate units, including studios, one-, two- and three-bedroom apartments. The average size is 932 square feet.
Move-ins are expected to begin in fall 2026, the firm said.
AvalonBay’s plans include three, four-story buildings. Each building will have its own garage. Other amenities include a pool, outdoor grilling areas, an indoor/outdoor fitness center, multiple courtyards, walking trails along New Hope Creek and a dog run.
AvalonBay has not announced the timeline for phases 2 and 3, which will include the remaining 471 apartment units.
AvalonBay’s expansion
North Carolina continues to be one of the fastest-growing states, and AvalonBay is among a number of out-of-state developers buying up large swaths of land amid a post-pandemic construction boom.
Since 2023, it’s more than doubled its presence in the Triangle. It’s currently leasing two communities:
▪ Avalon Durham, where prices start around $1,208 for a studio; $1,466 for a one-bedroom; and $2,830 for a two-bedroom.
▪ Avalon Perimeter Park in Morrisville, where prices start from $1,303 for a one-bedroom; $1,515 for a two-bedroom; and $1,874 for a three-bedroom.
Like many new projects, the building is offering move-in deals — like one-and-a-half months free rent — to attract tenants.
This story was originally published November 19, 2024 at 5:30 AM with the headline "‘Multi-phase’ land deal closes for 900-plus community on Chapel Hill-Durham border."
