Gilbane Building 308 Raleigh Student Housing Units
Gilbane Development recently received the green light from the Raleigh City Council to build a 7-story, 308-unit student housing project near North Carolina State University.
Site plans show there will be 98 one-bedroom units, 104 two-bedroom units, 32 three-bedroom units and 74 four- and five-bedroom units.
The property is 3.61 acres and currently holds the Rhyne’s Gate apartments (shown).
The Triangle Business Journal reports that Rhyne’s Gate apartments have 48 affordable housing units that will be replaced with the student housing project. Gilbane Development must provide a 120-day written notice of early lease termination and a one-time relocation assistance payment of $2,500 per unit.
A number of NC State student housing projects have been proposed. Peerless Development has proposed a 713-bed development on Crest Road, and RPM Living has plans for a 130-unit student housing project on Horne Street.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout