Wheelock Street Capital Acquires 316-Acre Master-Planned Community from NVR; New Student Housing Project Rising in Winston-Salem
- Aug 27, 2014
by Adriana Pop, Associate Editor
Wheelock Street Capital of Greenwich, Conn. has acquired the 316-acre master-planned community of Jordan Pointe in Apex from national home-building holding company NVR Inc., the parent company of NVHomes and Ryan Homes.
According to the Triangle Business Journal, the land, which is approved for 440 single-family residences to be built by NV and Ryan, sold for $12.6 million.
Wheelock Street Capital will develop the project in partnership with JPM South Development of Raleigh, N.C. Since 2011 the two companies have also been developing Traditions, a 700-home community in Wake Forest.
“We’re proud to expand our investment in the Triangle market with a second high-quality community that’s well located in the path of job growth,” said JPM South principal John P. Myers. “The property is within 30 minutes of the region’s major employment centers – Research Triangle Park, UNC, Duke and downtown Raleigh.”
Home sales at Jordan Pointe are slated to begin in late 2015. Amenities will include a junior Olympic pool, cabana, ball fields, gazebo and walking trails.
The new community will be located on the western boundary of the Town of Apex, which was ranked as the #9 Best Place to Live in America by CNN/Money in 2013.
In other news, a joint venture partnership between Balfour Beatty Construction and Holt Brothers Construction has been selected to build the 288-bed, 75,000-square-foot New Residence Hall – Freshmen Living/Learning facility for Winston-Salem State University.
The $16.7 million project will replace the soon-to-be-demolished Dillard Residence Hall.
The two companies are also working on the City of Raleigh’s Critical Public Safety Center along with Clancy & Theys Construction. The Winston-Salem State project, however, marks the first joint venture partnership between Balfour Beatty Construction and Holt Brothers.
“I am proud to continue our long-standing and valued partnership with Balfour Beatty on this exciting project for the vibrant community of learners at Winston-Salem State,” Terrence Holt, president of Holt Brothers Construction, said in a news release. “When you align companies like Holt Brothers and Balfour Beatty that share the same vision and strategy, you get a team that is stronger together than apart. The synergy is exciting.”
Construction on the project, which is being designed by Lord Aeck Sargent, is expected to begin in February 2015.
Photo credits: NVHomes