DURHAM, N.C. (WNCN) — A real estate investment trust company is planning to build more than 900 apartments on Durham-Chapel Hill Boulevard beginning in 2024.
AvalonBay Communities bought the 6.82 acres of land at 4802 Durham-Chapel Hill Blvd. in Durham from Beacon Properties Group, according to a news release.
The land is slated for 459 units as Phase 1 of a multi-phased purchase between the two firms to develop a 930-unit apartment community.
Located halfway between downtown Durham and downtown Chapel Hill, along U.S. 15-501, the site is adjacent to New Hope Commons shopping center and across the street from Patterson Place shopping center, the release stated.
“This is our first ground-up development in North Carolina, and we are thrilled to build out our presence in the Triangle further,” said Liz Smith, senior vice president of development at AvalonBay. “It is rare to find a development opportunity such as this one, which is located on undeveloped land along the major thoroughfare of 15-501. The site’s accessibility and proximity to I-40, RTP, Durham and Chapel Hill are unmatched, and for us, it was the perfect place for our first development in the market. We know people will love living in this incredible location.”
The apartments will include studios, one-, two- and three-bedroom market-rate homes.
AvalonBay’s plans include three four-story mid-rise buildings, each with its own parking garage, as well as a resort-style swimming pool, outdoor grilling areas, an indoor/outdoor fitness center, and several courtyards for each building.
Additional amenities include scenic walking trails along New Hope Creek and a dog run. The buildings are also expected to be LEED Certified which means the builder adheres to green building principles.
Construction is scheduled to commence in 2024, with an anticipated opening in 2026, the release stated.