Capital Towers Apartments
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DHIC is working with The Presbyterian Homes Inc. to undertake major renovations of Capital Towers Apartments on Six Forks Road in North Raleigh. Capital Towers Apartments is a two-building 297-unit senior apartment community. Capital Towers 1 was originally built in 1972 and Capital Towers 2 was built in 1993. DHIC closed on financing in June 2019 and Clancy & Theys, the general contractor, began renovations shortly after. The financing partners include: The City of Raleigh, NC Housing Finance Agency, Wells Fargo Bank, Enterprise Housing Credit Investments, Fannie Mae, and PGIM Real Estate Finance.
The renovations of both buildings will provide all the major life safety, building systems efficiency, and aesthetic upgrades the property requires, including site accessibility; asbestos abatement; full window replacement; mechanical, electrical and plumbing systems; apartment and common area finishes and fixtures; roof upgrades; elevator modernization; and fire sprinkler and security system enhancements. New amenities include: two fitness centers and community areas, as well as a new game room and community kitchen. Free WiFi for the tenants’ use will be added in the amenity areas.
All of the apartments at Capital Towers will be affordable to seniors earning 60% or less of the area median income. At least 60% of the units in Capital Towers 1 will be targeted to seniors earning 50% of the area median income.