Crosland Builds Despite Economy

Crosland Builds Despite Economy RALEIGH, NC - Crosland LLC, one of the Triangle's leading real estate companies, is strengthening its activity in the Triangle market with several new apartment community projects. While many areas have seen construction slow or stop, Crosland is developing three Triangle construction projects totaling $106 million. Evidencing the attractiveness of the Triangle market, the Census Bureau's July 2007-2008 estimates showed the Raleigh-Cary Metropolitan Statistical Area (MSA) had the strongest population growth rate in the country. Construction on Trinity Commons at Erwin in Durham, N.C. will begin this spring after months of site prep and demolition of the old Bristol Court apartments from which Crosland donated materials to Habitat for Humanity. Chapel Watch Village and Chapel Hill North are two new developments that broke ground earlier this quarter. Most recently, Crosland began leasing at four new Triangle area communities, including 712 Tucker in downtown Raleigh, Phase II of Oberlin Court in Raleigh, The Residences at the Arboretum in Cary and Cosgrove Hill in Chapel Hill. All of these communities are being built by Crosland Contracting.

"We have been fortunate to keep our business strategy in tact and still be able to start projects in this economic environment," said David Ravin, president of Crosland's residential division. "We've continued to underwrite our pipeline as rental, identifying well-positioned sites in the Triangle where the need for higher density residential development made sense. All these projects have taken between three to six years to gain zoning approvals, but we are excited about what they bring to each of the markets in terms of new living options."

Details on the new Triangle communities:

Trinity Commons at Erwin is a $60 million project that will add a 342-unit apartment community on the four-acre site located across Erwin Road from Duke University Medical Center. Trinity Commons at Erwin is in close proximity to I-40, I-85 and NC-147, allowing easy access to all points in the Triangle area. This community will consist of studio, one- and two-bedroom floor plan options with private parking for residents, 10' ceilings, gourmet kitchens and spacious, walk-in closets. Community amenities include outdoor courtyards with fountains and seating areas, a large dog park, a media room, coffee bar, business center, conference room, game room and a resident clubhouse with resistance lap pool, exercise room, sauna and steam room. This project is registered with the U.S. Green Building Council and intends to pursue certification under USGBC's LEED® (Leadership in Energy and Environmental Design) program.

Chapel Watch Village, a $26 million project in Chapel Hill, will consist of 120 two- and three-bedroom townhomes developed on one-third of the community's 35-acre site, sustaining great natural views of mature trees and a stream. The community is located near the intersection of I-40 & Hwy 86 and directly across the street from a UNC Park & Ride lot, convenient to both UNC-Chapel Hill and Duke University. The townhomes will offer a variety of floor plans including first floor master bedrooms, basement bonus rooms, one- and two-car garages, and island kitchens. The community will offer amenities such as a paved greenway trail, a swimming pool, dog park, community garden and clubhouse. Pre-leasing is expected to start in late summer of 2010 with completion slated for the fall.

Chapel Hill North, another conveniently located Chapel Hill community, will consist of one-, two- and three-bedroom flats and townhomes that meld modern and timeless features into an appealing mix. This $20 million project will feature townhomes nestled between mature oak and maple trees surrounding a lushly landscaped interior court where 60 flats with underground parking will be positioned on the 12-acre site. Unit features will consist of contemporary stainless steel cabinetry, granite countertops, bamboo floors, 10' ceilings, upgraded lighting and energy star appliances. Community amenities will include a dog park, basketball court, kiddy lot, bio-retention pond and outdoor living areas. Flats and townhomes will be available for pre-leasing in the winter of 2009.

Crosland employs 85 people in the Raleigh-Durham market and currently has more than 1,400 multi-family units under development, 750,000 square feet of retail space and six single-family communities that include 3,000 residential lots purchased or under contract. Crosland currently manages 10 apartment communities in the Triangle area including Dobbins Hill, The Apartments at Meadowmont, The Apartments at Oberlin Court, Regency Place, Litchford Park, North Forest, Weston Lakeside, Southpoint Village, Cosgrove Hill and The Residences at the Arboretum. For more information, visit
Source: Crosland

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