Federal Capital, Kane Partner to Develop $53M Apartment Community
- May 22, 2012
North Hills developer Kane Realty Corp. and Washington, D.C. real estate investor Federal Capital Partners (FCP) have formed a joint venture to finance the development of a $53 million apartment project in the North Hills area of Raleigh.
According to the Triangle Business Journal, construction on the 400-unit luxury apartment community is expected to begin in the third quarter. The project will be developed on 15 acres adjacent to the Ramblewood neighborhood. The site was occupied by the former Lantern Square apartment complex which Kane Realty acquired in 2006. On May 4, 2012, the joint venture between FCP and Kane Realty called Ramblewood Venture LLC bought the apartment site for $8.1 million.
The CityBizList reports that amenities of the new community will include a pool, a fitness center, business center, outdoor terrace, community room and green spaces. Each unit will have a balcony and features such as granite or stone countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms.
According to FCP Managing Partner Lacy Rice, the Ramblewood acquisition marks the company’s fourth investment in the Triangle region in the last 15 months and its first ground-up development project in North Carolina.
In other news, construction of the North Carolina State Bar’s new headquarters building is under way at the corner of Blount and Edenton Street in downtown Raleigh. The state agency is planning to move out of the 28,000-square-feet Fayetteville Street building, where it has been based since 1979.
The new $13 million facility will feature 60,000 square feet of space and will include two courtrooms for disciplinary hearings. Executive Director Tom Lunsford told the Triangle Business Journal that the State Bar leased the state-owned land on which the building sits from the Council of State for a nominal fee for 99 years. Construction is expected to be completed by January 2013.
Image is courtesy of Kane Realty Corporation