Aventon Companies Buys 39 Acres in Raleigh to Make Way for $140 Million Project
Breaks ground on first phase to bring 372 luxury apartments to prestigious North Raleigh submarket
Raleigh, NC (November 30, 2020) – North Carolina-based Aventon Companies closed on nearly 40 acres of land and commenced construction on Aventon North Ridge, phase one of a $140 million apartment community located in one of the most sought-after submarkets in the Triangle region.
The in-fill site is located at Sandy Forks Road and The Lakes Drive, with close proximity to popular employment hubs in North Raleigh, downtown Raleigh and Research Triangle Park. The site will offer future residents convenient access to numerous restaurants and shopping destinations including North Hills – the region’s largest mixed-use office, shopping and entertainment hub.
Aventon North Ridge will be the first property to be developed on 26 acres and will include 372 modern apartment homes in four separate three- and four-story buildings and 12 detached carriage homes over private garages. The community will also feature a two-story clubhouse and a five-acre park.
Aventon North Ridge is expected to open in late 2021. A future phase is planned for the remaining 13 acres and will include high-end apartment homes and amenities in a separate but adjacent community.
“The Triangle area continues a rapid expansion in technology, life sciences, pharmaceutical and biotech industries and was recently recognized as one of the most resilient economies in the U.S. following the COVID-19 pandemic. We were quick to recognize the unmet demand for new, best-in-class housing in North Raleigh and jumped at the opportunity to introduce the Aventon brand into this market,” said Ron Perera, senior managing director for Aventon Companies. “We look forward to delivering a dynamic, technology-rich community specifically designed to meet the needs of this strong and established market.”
Designed by Cline Design Associates, a Raleigh-based architecture and planning firm, Aventon North Ridge will command a contemporary architectural style and offer one-, two- and three-bedroom floorplans with upscale features and market-leading finishes. The community will provide more than 10,000 square feet of amenity space, including remote-working lounges with private offices, an indoor/outdoor fitness center, yoga studio, media lounges, outdoor workspaces, a podcast studio, automated package delivery, and electrical vehicle charging stations. The pool deck will include private cabanas, sun shelf seating, a covered TV and summer kitchen pavilion, cornhole, hammocks, lush landscape and attractive hardscape throughout. The community will also be pet-friendly with a pet spa and two dog parks.
Aventon North Ridge joins a pipeline of active developments for Aventon Companies. The multifamily developer has aggressively assembled an impressive portfolio of ground up development and currently has over $300 million of projects under construction. Looking forward into 2021, Aventon Companies intends to break ground on an additional 2,200 units with an investment of nearly $500 million in the Mid-Atlantic, the Carolinas, Georgia and Florida.