Crabtree to get ANOTHER luxury apartment complex "Creekside"
(click for article)
Adding to the already new Carolina Row project across the street from Crabtree Mall, Houston based company-Fein plans to add another apartment complex, named "Creekside" behind Crabtree on 7 acres of Kidd's Hill. With a planned opening of first quarter 2016, look for this project to begin soon.
A few take aways for your Compass:
301 apartments and 34 townhomes to be added
Pedestrian bridge to Crabtree Mall to be constructed
1st ever development in Triangle by Houston based Daniel Fein (more non-NC developers constructing projects now than ever)
Traffic will become hectic, first with construction
workers and later with new residents. Although rents will initially go up, and developers like Fein still think “there’s still some strong occupancy and rental growth” in Raleigh, I’d look for rent price drops in the future.
Crabtree is becoming more and more a hot spot and is certainly trying to drive competition away from downtown areas in Raleigh. And the way Crabtree developers will have to maintain this competition is – through lower rents. Crabtree is still a stretch from the Raleigh core so look out for lower prices at Creekside as opposed to Glenwood South.
- Capital Compass