Stony Point Development Group Acquires Multifamily Property in RDU’s Crabtree Valley Submarket
Posted on October 1, 2020
Raleigh, N.C. (Oct. 1, 2020) – Stony Point Development Group, an award-winning mixed-use real estate development firm headquartered in Charlottesville, Va., recently closed on the acquisition of the Crabtree Lakeside Residences, a 221-unit apartment building located in the Crabtree Valley submarket of Raleigh. Karl Hudson IV of Foundry Commercial – a full-service real estate services and investment firm – represented the buyer in the transaction. The property was developed by Dominion Realty Partners; Howard Jenkins and Kevin Kempf with CBRE Southeast Multifamily represented the seller.
Crabtree Lakeside is a class-A garden community offering a mix of 1 and 2-bedroom units, private lake views, and connectivity to Raleigh’s idyllic Crabtree Creek Greenway Trail. The apartments are located within close proximity to I-440 and I-70, offering easy access to the robust Glenwood Avenue, North Hills, and Rex Hospital/medical office building employment corridors. In addition, Crabtree Lakeside is ideally situated near N.C. State University and the Raleigh Durham International Airport. The transaction marks Stony Point’s first multifamily acquisition in the Raleigh-Durham market.
“Stony Point Development Group is thrilled to enter the Raleigh market with the acquisition of the beautiful Crabtree Lakeside apartment community,” said President Chris Henry. “Crabtree Lakeside is perfectly suited for Stony Point’s focus on institutional quality multifamily investments in the growing Southern Mid-Atlantic region.”
Constructed in mid-2019, the property has been awarded the NAHB’s National Green Building Standard bronze certi?cation. Additional community amenities include a resort-style pool with sundeck, shared coworking space and a business center/cybercafe, a gaming and lounge area, an expansive fitness center with yoga/flex studio, and a bark park. Crabtree Lakeside is also located within walking distance to the Crabtree Valley Mall – one of the largest malls in the region and home to Raleigh’s only Apple Store – and is within 10 minutes of four Harris Teeters, a Whole Foods, a Trader Joe’s, and Raleigh’s first Wegmans.
Bolstered by a strong technology sector, the Raleigh metro has been one of the fastest growing and most affluent areas in the Southeast over the past several years. With a highly educated workforce, immediate access to world-class research universities, and a comparably low cost of living, the Raleigh-Durham market continues to rank in the top 10 most business-friendly cities in the country, extending even beyond the onset of the COVID-19 pandemic. In fact, since the pandemic started spreading in the U.S., five major companies have announced significant expansions in the market totaling more than $950 million of investment.
About Stony Point Development Group
Stony Point Development Group is an award-winning real estate development firm headquartered in Charlottesville, VA. Stony Point's mission is creating great places and enhancing lives through the built environment. The company is uniquely focused on community building in high quality, walkable locations with connections to natural amenities. It acquires, builds, and operates mixed asset development projects primarily focused on housing, office, and experiential retail. For more information, please visit https://www.stonypointdg.com/.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 360 employees and more than 58 million square feet of management and leasing across the Southeast and Texas. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.