Developer looking to connect with RE Agents in the Raleigh/Durham area
Hi All -
I am a developer looking to build a Build-For-Sale or Build-For-Rent duplex/townhome community in these areas. Hoping to find a partner that will help navigate the process and become our sales partner.
Would welcome connecting with people who are familiar with any of the following:
- Demand/Supply of this kind of product
- Cost of building here (I have an idea, but would like to confirm)
- Best area to build in
- Type of product most in need/in demand (these two are often different)
- Restrictions/Zoning/Obstacles/etc
- Anything else I should know
Thank you in advance for any help you can give. I appreciate you.
Sincerely,
Neil Joshi
@Neil Joshi - The part of the market I am most familiar with is North and North East of Raleigh. The multi-family in most of these communities is old, and poorly kept. A few years ago most of the town councils/planning officials I spoke with were diametrically opposed to new multi family, because they had a singular point of reference for what that meant in their town, and there were not going to approve more of the same.
Over the last few months I have had a few conversations where the narrative was starting to change.
- Demand / Supply: North of Wake County (Franklin County), the demand comes from people pushing out of Raleigh. The supply side is constrained by the counties lack of water. The big developments that have bene approved, are only getting issued 50 water permits a year to try and give the county time to find the water. There have been a few multi family developments in Franklin County in the last two years, most of them in Youngsville or Franklinton, and the market absorbs the units very quickly. These are not luxury complexes with amenities, these are small apartments, some town homes, and some duplexes.
- Cost to build: This largely depends on the product. I know a few SFH builders in the area, but I'm not sure I could help narrow down the build cost on Multi family projects.
- Best area to build in: I think this is also a function of product. If you are going for a more luxury finish then you either need to be in wake county, or in in walking distance to a nice downtown area in one of the smaller towns commuting distance to Raleigh. If you are going for "work force housing / blue collar housing" then its comes down to where you can get land entitled and at a price that fits your underwriting. If you build something clean, safe, and in a 45-60 min commute to Raleigh, it will not sit empty for long.
- Restriction / Zoning / Obstacles: These will change from town to town. I would say your biggest uphill battle in every county except Wake will be helping craft a new narrative around what multi family looks like today.
I would love to connect and grab some coffee. feel free to shoot me a text and we can get something on the books. 919-530-0355
Thanks for your insights, Cory - they are very helpful.
The products I build are not luxury. Rather, nice "workforce" housing. Simple, but well appointed duplexes and townhomes.
Nice to live in, but no public amenities (pool, clubhouse, etc).
Little surprised to hear restrictions/zoning can change that much from town to town. Thought that most towns would follow the lead from the bigger cities in the area.
Will reach out shortly.
Thanks!
-Neil
look up land
Thanks, Daniel. Will look for available land