Raleigh Developer Exploring 700-Unit Rental Community

The Halle Companies is looking to rezone about 20 acres at 5009 Louisburg Road in Northeast Raleigh to develop a large apartment complex. The developer plans to build up to 700 units in a seven-story tower. The Triangle Business Journal reports the development is currently estimated to cost around $300,000 per unit, or $210 million for the 700 units. The company uses its own equity for projects.

About 70 percent of the units would be studios and one-bedroom apartments. The rental rates for the apartments will be $2.25 per square foot, or around $1,700 a month for a 750-square-foot apartment.

Residents will have access to a full-sized gym with adjacent yoga space, indoor and outdoor swimming pools, a sports simulator room, billiards and table tennis, arcade games, a business center, courtyards and a roof-top amenity.

The company has a 400-unit project planned across the street.