October 2, 2014
If there’s a common theme to much of the apartment construction occurring in the Triangle, it is luxury.
The majority of the new projects being built are targeting tenants who don’t mind paying monthly rents that are comparable to a mortgage payment. Many older communities in the Triangle have also been acquired and renovated in recent years as the new owners seek to reposition the properties to cater to a higher-end tenant.
This dynamic has raised concerns about the supply of affordable housing in the region. The marketing of the Washington Terrace apartments – a 245-unit affordable housing complex east of downtown Raleigh – last year as a property with “classic redevelopment potential” only heightened those concerns.
Washington Terrace ended up being acquired by DHIC, a nonprofit housing agency that plans to renovate the property and make it available to a variety of income levels. Read more here.