Graycliff Capital Enters Triangle Market with Encore at Heritage, Upscale Multi-Family Development in Wake Forest
Greenville (S.C.)-based Graycliff Capital Partners, LLC (Graycliff Capital), a leading developer/owner in the multi-family sector, announces the development of Encore at Heritage Apartments – Luxury Apartment Homes in Wake Forest, North Carolina. Graycliff has developed multiple luxury apartment communities throughout the Carolinas in recent years, however, Encore at Heritage Apartments marks the firm’s first multi-family investment in the Raleigh-Durham-Chapel Hill metro area. The 100-percent elevator served mid-rise is conveniently located just a 20-minute drive from downtown Raleigh.
Situated within the Heritage neighborhood of Wake Forest, Encore at Heritage Apartments is a 182-unit, Class-A residential community offering studio, one-, two- and three-bedroom floor plans. The community is sited along a 10-foot-wide paved asphalt trail known as the Smith Creek Greenway, a mile-long pedestrian trail with a 33-mile connection to the City of Raleigh’s Neuse River Greenway Trail.
“This particular site in Wake Forest is an ideal location for a high-end, multi-family community. With its quick commute to key areas of the Triangle, its walkability to essential services, and excellent school district, the property is suited for small families, married couples, young professionals and empty nesters alike,” said Paul Aiesi, partner at Graycliff Capital. “We look forward to becoming a part of the Triangle community.”
Encore at Heritage Apartments offers ready access to major employers, including WakeMedHealth & Hospitals, IBM, and Pfizer, as well as neighborhood retailers including Chik-Fil-A, Starbucks and Wegmans. The region is expected to continue its upward trajectory of growth as evidenced by Apple’s recently unveiled plans to build a campus and engineering hub in Wake County’s Research Triangle. This alone will bring more than $1 billion in investments and create at least 3,000 new jobs for the area.
Construction of Encore at Heritage Apartments has started and pre-leasing of units is expected to begin in late 2022.
More about Encore at Heritage Apartments
Encore at Heritage Apartmentswill consist of three residential buildings, all elevator served. Community amenities include a resort-style pool and a clubhouse featuring unique lounging spaces with bar-area seating, as well as fitness center with cycling room. Other common amenities include community fire pit, grilling stations, and dog park. Designed with high-quality finishes, all units include full kitchens with granite countertops and extended bar-seating countertops. Other special features include ‘faux-wood’ luxury vinyl plank flooring, walk-in showers and walk-in closets (select units), in-home washers and dryers, and private balconies.
Encore at Heritage Apartments will be operated by Greystar, a global property management firm with significant regional experience in the Raleigh market.
Graycliff Capital in the Carolinas and Beyond
Graycliff’s newest development in the Carolinas, Encore at Heritage Apartments in Wake Forest, N.C., supports the needs of the fast-growing Triangle region of the state, known for its robust regional economy focusing on higher education, life sciences and technology.
In addition to Encore at Heritage Apartments, Graycliff’s recent and current coastal developments include Waterleaf at Leland near Wilmington, North Carolina; Waterleaf at Murrells Inlet in South Carolina; and Waterleaf at Battery Creek in Port Royal, South Carolina. Graycliff continues to identify opportunities for new communities within the Carolina markets, which are experiencing a significant in-migration population boom. The migration to the coast is driven by its moderate climate, diverse economy, and abundant lifestyle amenities – attracting both millennials and baby boomers alike to relocate.
Graycliff has developed multiple luxury apartment communities across the Carolinas in recent years, including three popular Upstate South Carolina developments – Cotton Mill Apartments and Waterleaf at Neely Ferry in Simpsonville, and Waterleaf at Keys Crossings in Greenville. Recent acquisitions include Reserve at Asheville in western North Carolina, and The Ironwood Apartments in North Augusta, S.C.
Over the past decade, Graycliff’s geographic reach has extended beyond the Carolinas to other parts of the Southeast, including Tennessee. Graycliff’s portfolio also includes multi-family communities in the Mid-Atlantic region, as well as Ohio and Pennsylvania. In 2020, Graycliff entered the Salt Lake City (Utah) market with two acquisitions.
About Graycliff Capital Partners, LLC
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multi-family development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed more than 11,216 apartment units, executing approximately $1.95 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit www.graycliffcapital.com.