A family-owned real estate company based in Greenville is expanding its Raleigh footprint with plans for a 180-unit affordable apartment complex southeast of downtown Raleigh.
Taft Family Ventures is planning to build the development on a 14-acre parcel at the intersection of I-40 and Rock Quarry Road, behind a Food Lion-anchored shopping center.
The project is being built using tax-exempt bond financing and a $2.3 million contribution from the city of Raleigh, says Dustin Mills, president of Taft-Mills Group. The group is an arm of Taft Family Ventures that focuses on affordable housing. Residents who earn 60 percent of the area’s median income will qualify to live there.
Mills expects construction to begin in a year and says the project's location is what led the firm to make the investment.
“The site is excellent,” Mills says. “It’s immediately adjacent to a grocery store-anchored shopping center. There’s a library in the area and there’s easy access to public transportation.”
Taft Family Ventures has primarily focused on multifamily development across North Carolina, but has more recently diversified into other types of real estate investment.
In the Triangle, the firm has been active with new construction on apartment projects from Clayton to Durham, including affordable and high-end projects. In Raleigh, the company built and sold the 401 Oberlin apartment and retail building across from Cameron Village, closing a deal in 2015 for $65 million.
“We’re proud to have been involved with projects like 401 Oberlin, but developing and delivering affordable housing is just as important to us as any other asset class,” Mills says.
Read the full article via Triangle Business Journal