32-Unit Community Planned for Burlington

From the Burlington Times-News:

Jerry Parker has submitted plans to the city to build a 32-unit complex at 1041 Cedar Crest Drive, which is now a trailer park.

Parker, who also developed Kirkwood Place near Home Depot, said that the property’s location made it too good to pass up.

“I am concerned that the apartment market is getting saturated, but if I don’t act on it right now, I will probably be wishing I had,” he said.

Real Data Report Shows Triad Occupancy Over 93%

Today Real Data released the results of its latest market report for the Piedmont Triad and the numbers remain strong:

  • Vacancy – 6.9% (up slightly from 6.5% in Sep, ’14)
  • Average rent – $741 (up from $728 in Sep, ’14)
  • Average rent per SF – $0.788 (up from $0.744 in Sep, ’14)
  • Same-store rent change $ – $8.87 (it was $10.60 in Sep, ’14)
  • Same-store rent change % – 1.2% (it was 1.5% in Sep, ’14)

The sub-market that saw the greatest growth was the Central Forsyth market which added 322 units which helps explain the 12.5% vacancy rate in the area. Central Forsyth also has 397 units under construction, which is impressive but Central Guilford has 595 under construction. Long story short, the downtown Winston-Salem and Greensboro markets are exploding in terms of units. Rent per SF in those markets are by far the highest with Greensboro coming in at $1.018/SF and Winston-Salem coming in at $0.979/SF – the next closest is the NW Guilford sub-market at $0.809/SF.

Other highlights of the report include the fact that Alamance/Burlington has 401 units under construction and that the sub-markets with the lowest vacancy rates are Northern Guilford (4.4%) and Eastern Forsyth (4.5%).

You can buy a full copy of the report, which includes extensive demographic data and property-specific reports, at www.aptindex.com

Apartment, Retail Project Proposed for Elon

From the Burlington Times-News:

The Board of Aldermen will consider voting in favor or against the proposed 53,579-square-foot building, which will feature commercial properties on a portion of the first floor and apartments geared toward Elon University students in the remaining spaces, during its meeting Tuesday evening.

The land on Haggard Avenue, currently an empty space between Skid’s Restaurant and a residential house, is owned by Elon University, but the proposed building would be developed by EDG Properties LLC, the same company that built the three-story Elon Town Center building in 2011. This new project is called “The Park Place at Elon.”…

The second, third and fourth floors of the newly proposed building, along with a portion of the first floor, facing the Elon University-owned Oaks Apartment dormitories, will be apartments, while the remaining 6,180 square feet on the first floor, facing Haggard Avenue, will consist of retail space, McDonald said. He is in preliminary discussion with a small pharmacy for space at the corner of the building with a small grocery store taking the remaining space, he said.