Build-to-rent push expands with new 65-home community near Raleigh’s Crabtree Mall
AI-generated summary reviewed by our newsroom.
- New 65‑unit build-to-rent townhomes planned near Crabtree Valley Mall; leasing mid‑2027.
- Raleigh’s build-to-rent pipeline tops 1,971 units as renters are priced out of market.
- Center Park Group expands Triangle footprint to meet demand.
Build-to-rent housing is surging across the Triangle as demand grows among would-be buyers who can’t find single-family homes they can afford in a tight market.
Take, for example, this new 65 unit build-to-rent townhome community, called Cadia Grandview, under construction at 5201 and 5301 Homewood Banks Drive in North Raleigh. The project sits directly across from Crabtree Valley Mall, placing it in one of the city’s busiest retail corridors.
South Carolina-based Center Park Group recently began site work. Leasing is slated to begin in mid 2027.
It marks one of the latest build-to-rent investments in a fast-growing market. More than 1,971 new units are in the pipeline for Raleigh, according to the latest Point2Homes build-to-rent report, making it among the nation’s top 20 metros, behind Austin (3,869) and Houston (3,969).
“This is one of the most dynamic and well-located sites in the Raleigh market,” said Tom Walsh, executive vice president at Charlotte-based Pappas Properties, which has partnered with the builder. “We’re excited to bring the Cadia brand to the Triangle.”
The two- and three-story townhomes will range from 1,500 to 1,800 square feet and offer a mix of three-bedroom layouts.
Amenities include a clubhouse, fitness center, pool and dog park.
Residents will also have access to the Crabtree Creek Trail.
Cadia Grandview’s price point hasn’t been released.
Founded in 2017, Center Park Group now has more than 30 communities nationwide and is quickly expanding its footprint in the Triangle.
It’s also building Sadie Oaks, a 201‑unit build-to-rent townhome community near Wendell Falls Parkway in eastern Wake County, with BrightSky Residential. The company is developing a 106-unit build-to-rent community at 5115 Auburn Church Road in Garner, with Saxum Real Estate Partners.
What’s behind the build-to-rent surge?
The build-to-rent market is growing because more people want the space and flexibility of a house but can’t or don’t want to buy, Pointe2Homes analyst Andra Hopulele said in the report.
That includes millennials starting families, renters priced out of homeownership, high income renters by choice, remote workers who need extra room, and older adults looking for low maintenance living.
“It’s obvious that developers are reacting to pressure coming from growing demand, eroding homeownership affordability and renters’ [needs],” she said.
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Build-to-rent neighborhoods are popping up around the Triangle.
Charlotte-based Crescent Communities is building hundreds of rental homes — mostly apartments and townhomes — on a 6.5-acre site in Durham’s University Hill neighborhood. Amenities include an indoor/outdoor sky lounge with wine and beer on tap, a bike lounge stocked with rentals and “fix-it” stations, and a fitness studio featuring private yoga rooms.
The firm has developed several rental properties in the Triangle region, including NOVEL Morrisville and NOVEL Cary. Monthly rents range from $1,526 to $3,635.
