New 344-unit apartment complex brings ‘workforce housing’ to Northeast Raleigh
A new apartment community is bringing what it calls “workforce housing” to a fast-growing corridor of Northeast Raleigh.
Alliance Residential Co., a national multifamily apartment developer, has opened its 344-unit complex called Prose New Hope at 4100 Buffaloe Road.
It’s situated on roughly 16 acres at the corner of Buffaloe and North New Hope roads, across the street from a new Lidl grocery store.
The community is leasing one- and two-bedroom units with an average size of 1,012 square feet across a collection of three- and four-story buildings. Rents start at $1,395 a month.
It’s the company’s first Prose-branded community to be completed in Raleigh. Launched in 2018, the line is marketed as “workforce housing,” targeting middle-income renters, like teachers and firefighters, with a lower price point.
Amenities include a club room, pool, fitness center, business center and dog park.
“Through years of research and development, we created a highly cost-efficient product,” the company says on its website.
Last November, Alliance opened a 335-unit luxury apartment complex in Raleigh’s East Midtown area from its high-end Broadstone Line. There, rental rates range from $1,350 for a studio to $2,480 for a three-bedroom apartment.
Its Prose line, in contrast, will offer rents “up to 20% lower than comparable apartments,” the company said.
Rents skyrocketed by as much as 50% in parts of the Triangle last year. Prices appear to be normalizing, but remain high, with many renters still struggling.
Citywide, the median rent currently stands at $1,318 for a one-bedroom apartment and $1,499 for a two-bedroom, according to Apartment List’s July Rent Report. Across all bedroom sizes, the median rent is $1,502.
