3 new communities, 450-plus affordable apartments hit Triangle market. Here’s where.
Over 450 affordable apartments have hit the market in some of the Triangle’s most sought-after suburbs.
Amid a critical housing shortage, DHIC Inc., a Raleigh-based affordable housing developer, has launched three new communities in Raleigh, Apex and Durham.
The housing targets low- to middle-income individuals and families that are often priced out of the current housing market, such as teachers, health care workers and first responders. Pratum Companies (Pratum) will manage the properties.
“Our long-term goal is to foster stable, thriving neighborhoods,” DHIC President Yolanda Winstead said in a release.
Despite a post-pandemic construction boom, housing remains unaffordable for a large portion of the Triangle’s population.
In Wake County, 46% of renters — 68,533 households — have difficulty affording their homes, according to a recent report by the N.C. Housing Coalition. (Families that spend more than 30% of their annual or monthly income on housing are considered cost-burdened.)
Meanwhile, Wake County has an affordable housing deficit of 65,860 units.
Here’s what’s on offer:
Stone Glen, Apex
Stone Glen is a 164-unit community at 1501 Amethyst Crest Way in Apex that offers four floorplans. It includes one-, two and three-bedroom units.
- Amenities include common laundry facilities along with laundry hook-ups in each unit, playground, fitness center, covered picnic areas and grilling stations.
- Rents range between $1,293 and $1,778 for households between 40% and 70% of the area median income (AMI).
Milner Commons, Raleigh
Milner Commons is a new 55-plus community with 156 units at 101 Russ St. inside the Raleigh Beltline. It has 122 one-bedroom and one-bath units and 24 two-bedroom and one-bath units.
- Amenities include common laundry facilities along with laundry hook-ups in each unit, a community lounge, library and game room, a reflection room with stained glass, tenant storage areas, fitness rooms and indoor and outdoor sitting areas.
- The community has 10 efficiencies with rents from $875 for individuals with incomes at or below 60% of AMI for Wake County.
- It’s now pre-leasing.
Hardee Street, Durham
Hardee Street in the East Durham area is a 132-unit apartment community designed for families. It will have one-bedroom and one-bath, two-bedroom and two-bath, and three-bedroom and two-bath apartments.
- It’s expected to be complete by March 2025.
- Amenities will include a clubhouse, community room and kitchen, a business center with free internet access, a common laundry facility, covered picnic areas, a playground and indoor and outdoor sitting areas.
- It’s in a predominantly residential area and will be reserved for families at 60% of the area median income (AMI).
- Starting rents range between $440 and $1,320 depending on household income and apartment size. Rents include high-speed internet.
A 50-year history
Since 1974, DHIC has developed over 3,500 affordable apartments in 49 communities across nine counties, it said.
In 2014, DHIC partnered with Pratum to manage its property in Kannapolis, N.C., now called University Park. With its latest contracts, Pratum now manages a total of four communities for DHIC.
“We’re excited to expand our long-term partnership with DHIC to help meet the increasing demand for affordable housing,” said David McGuill, Pratum’s executive director of operations.
For more information about DHIC, visit dhic.org.
This story was originally published October 22, 2024 at 11:12 AM.
