21 November . 2018
$4.3M Land Buy Ushers in New Development at Wendell Falls
By Ben Graham – Staff Writer, Triangle Business Journal
Another housing option is coming to mega-development Wendell Falls outside of the community’s namesake town in eastern Wake County.
A developer has bought nearly 13 acres to build a new apartment complex, a project that will help jump start construction on the community’s mixed-use center, those working on it say.
Davis Development, of Stockbridge, Georgia, has closed on the $4.32 million acquisition of the property, located in the heart of Wendell Fall’s mixed-use district, called Treelight Square.
When complete, the complex will total 288 units, with a mix of one-, two- and three-bedroom apartments.
The multifamily project is a smaller part of a much larger 2 million-square-foot mixed-use development that is aimed at providing places for Wendell Falls residents to dine, shop and work. The master plan includes space large enough for a company headquarters, in addition to a 100,000-square-foot medical facility and grocery store. But for now, the only commercial component open is a Cruizers convenience store.
The larger community, being developed by Newland Communities, could include as many as 4,000 homes, vastly expanding the size of the town, which had an estimated population of 7,300 people as of last year.
At this stage, town leaders are on board with all the growth ready to come its way. “I am very excited about the multi-family housing options they are bringing and am confident the apartments will be an attractive option for renters here,” stated Wendell Mayor Virginia Gray. “We are all growing together to make Wendell a wonderful place to live and raise a family, and I look forward to our continued partnership.”
Davis Development has been active in the Triangle, recently building and then selling the Pointe at Weston apartment complex in Morrisville.
HFF brokers Justin Good and Sarah Godwin represented Newland Communities in the land sale to Davis Development.