July 26, 2021
About Beacon Ridge
Located along Rock Quarry Road, Beacon Ridge offers a total of 120 apartment homes: 20 one-bedroom units, 72 two-bedroom units and 28 three-bedroom units available to households with incomes at or below 60% of area median income.
Residents enjoy services including on-site management offices, tenant storage areas, social and gathering areas, community laundry facility, computer center, indoor fitness center and a playground along with discounted YMCA memberships, health and wellness activities and enrichment programming for youth and adults.
Raleigh’s Only Purpose Built Community
Established in 2009, Purpose Built Communities is an organization with a goal to achieve racial equity, improved health outcomes, and greater economic mobility in neighborhoods that have suffered from decades of disinvestment. By empowering local leaders to embrace a holistic approach to neighborhood revitalization, this organization has grown its network to over 25 members across 15 states.
“The City of Raleigh is proud to have been a part of Beacon Ridge’s development and witness its success in Southeast Raleigh. Not only does Beacon Ridge enhance our city’s much-needed affordable housing options, but it also fosters lasting change in our community through the holistic approach of a Purpose Built Community,” explains Larry M. Jarvis, AICP, Director, Housing & Neighborhoods Department for City of Raleigh.
Impact on Our Residents
Beacon Ridge is more than just home to 266 residents; it truly is home to opportunity. Click on the video below to hear from Benetta Thai, a Beacon Ridge resident, about how living at Beacon Ridge has impacted her family.
Imagine having a grocery store, your children’s school, your family’s healthcare provider, and recreation center all within a stones throw of your home. At Beacon Ridge, that is the reality for many of our residents like Benetta and her family. “When Beacon Ridge was being built, it was like a fulfilled dream – we had everything we needed right here in this space,” she explained.
Intentionally located in a neighborhood with affordability, wellness, and convenience in mind, Beacon Ridge allows Benetta to focus on the most important things in life like spending quality time with her family and being part of a prospering and supportive community.
“We picked this community because we had already built community within our kids’ school, built a community within our YMCA, and now we would get to build a community with other families who live here,” she said, reflecting on her choice to move to Beacon Ridge.
Providing high-quality, affordable homes and top-notch service to our residents is only one of the ways in which Beacon Ridge acts as a strong, stable foundation for the families that call it home.
“Beacon Ridge is an excellent example of Wake County’s desire to build equitable and affordable communities. Not only were affordable homes created, this partnership brought opportunities for families to walk to school, learn to swim and in the near future will create new jobs supporting minority and women owned businesses,” said Alicia Arnold, Director of Equitable Housing & Community Development, Wake County Government.
Photography by Colin Huth/Huth Photo
Thank You to Our Financing Partners!
This $23.7 million community was made possible with low income housing tax credits and funding from Enterprise Housing Credit Investments ($7.4 million, tax credit equity), Bellwether Enterprise ($8.75 million, first mortgage loan), Wake County ($2.48 million, loan), the City of Raleigh ($4.6 million, loan), Wells Fargo Housing Foundation ($250,000, grant), NC Housing Finance Agency and DHIC, Inc. Beacon Ridge is professionally managed by Community Management Corporation (CMC).
“Bellwether Enterprise is proud to be a financial partner for the development of Beacon Ridge. As the Triangle area grows and housing costs rise, it is critical for us to create affordable homes with programs that support residents. Purpose Built Communities, such as Beacon Ridge, also have an added positive impact on the entire surrounding area. This property is a great example of how the public and private sectors can work together to revitalize neighborhoods, creating healthy, vibrant places to live and work,” said Victor Agusta, Executive Vice President at Bellwether Enterprise.
All of the success of Beacon Ridge wouldn’t be possible without the support of our generous financing partners!