The L Building
Size
103,200 SF
Keys / Units
83 Units
Procurement
RFP
Raleigh, NC/Mixed-Use/Developer (JV)
The firm saw an underused downtown parking garage as the foundation for a mixed-use wrap: 83 apartments above ground-floor office and retail. Structured as a public-private partnership with Wake County and built with a local development partner, The L leased up quickly even as competing supply came online, and was sold shortly after stabilization at a strong return. It has remained among Raleigh's top-performing apartment properties for rent and occupancy.
Key Outcomes
—Public-private partnership with Wake County
—Mixed-use wrap of an existing garage
—Rapid lease-up and stabilization
—Among Raleigh's top apartment properties
Next Project
Hampton Roads Transit — Southside Headquarters