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+/-12.84 Acre Rare In-fill Multifamily Land Development Opportunity with Extreme Proximity to the Research Triangle Park.
Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for South Alston Multifamily, a ±12.84 acre multifamily land opportunity located less than a half mile from the nationally renowned Research Triangle Park (RTP), a booming life/science hub, home to 55,000+ employees specializing in fields such as nanotechnology, pharmacology, biotechnology, information technology, and the environmental sciences. The property has made substantial progress in obtaining Planned Density Residential (PDR) zoning for +/- 170 residential units, with rezoning approval expected by early summer 2022 (case Z2000019). South Alston Multifamily features over 600’ of frontage along I-40, one of the region’s major arteries, and is located in one of the nation’s hottest housing markets. The property boasts a prime location with an average household income of $90,167 (3-mi radius Regis, 2022) and great connectivity throughout the region.
Due to ongoing proceedings, JLL requests that prospects NOT reach out to the City of Durham
- 170 Multifamily Units (still pending rezoning)
- $90,167 Average Household Income
- #2 Market overall real estate prospects (PWC/ULI 2022)
- 20% Increase in multifamily rents year over year (Axiometrics 4Q22)
- 5 Minutes to Research Triangle Park