Aventon Cos., a multifamily developer based in Raleigh, North Carolina, has closed on nearly 40 acres of land and broken ground on the first phase of a $140 million multifamily community in a sought-after submarket in the state’s Triangle region.
Located in the North Raleigh submarket, the site is close to employment hubs as well as restaurants and shopping destinations. The first phase will be the 372-unit luxury Aventon North Ridge on 26 acres. Expected to open in late 2021, the apartment homes will be in four separate three- and four-story buildings and 12 detached carriage homes over private garages. The community also will include a two-story clubhouse and a 5-acre park. A future phase will include an adjacent community on the remaining acres with high-end apartment homes and amenities.
“The Triangle area continues a rapid expansion in technology, life sciences, pharmaceutical, and biotech industries and was recently recognized as one of the most resilient economies in the U.S., following the COVID-19 pandemic,” said Ron Perera, senior managing director for Aventon Cos. “We were quick to recognize the unmet demand for new, best-in-class housing in North Raleigh and jumped at the opportunity to introduce the Aventon brand into this market.”
Designed by Cline Design Associates with a contemporary architectural style, Aventon North Ridge will offer one-, two-, and three-bedroom floor plans with upscale features and finishes. The community also will feature more than 10,000 square feet of amenity space. Residents will have access to remote-working lounges with private offices, a yoga studio, an indoor/outdoor fitness center, media lounges, automated package delivery, and electric vehicle-charging stations. The pool area will include private cabanas, a covered TV and summer kitchen pavilion, cornhole, and hammocks. Pets also will be welcome, with two dog parks and a pet spa.
This community joins Aventon’s pipeline of active developments, with currently more than $300 million of projects under construction. The developer anticipates breaking ground on an additional 2,200 units with an investment of nearly $500 million in 2021 in the Carolinas, Florida, Georgia, and the Mid-Atlantic.
