Ohio developer buys 11 acres, plans 59 townhouses off Six Forks Road in North Raleigh
An Ohio-based housing developer has purchased almost 11 acres of land along Old Lead Mine Road in North Raleigh and plans to build 59 townhouses on the site.
M/I Homes paid slightly over $4 million for the property, at the intersection of Old Lead Mine Road and Monument Lane.
The land is currently undeveloped but wraps around a lone single-family home.
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M/I Homes, which mostly builds single-family homes, has developed properties in Northeast Raleigh, Wake Forest, Apex, Holly Springs, and Jordan Lake.
“This is one of the last scalable development parcels within the North Raleigh submarket,” said CBRE|Raleigh Senior Vice President Carlton Midyette in a press release. CBRE represented the seller.
The property is an infill development, which means that additional housing units are being built into an already-approved subdivision or neighborhood.
“Infill located townhouse sites are in low supply in the Triangle,” Midyette said.
The Old Lead Mine Road site has an assessed value of $3 million, according to Wake County land records.
This story was originally published October 2, 2019 at 1:40 PM.
