Brightleaf at the Park - Status of new commercial/apartment adjacent construction (Raleigh: wood floors)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Hi All -- *Long* time lurker, first time poster. :-)
Just wondering if anyone has any recent info pertaining to the planned construction on the 70 side of Brightleaf at the Park. I noticed that some red "zoning fence" has gone up over the last week or so along that portion of the perimeter. I know through this forum and some related research that there has been talk for a few years of a 'Brightleaf Commons' in this area, possibly to include a Home Depot or Lowe's Home Improvement and either a Lowe's Foods or Harris Teeter grocery store. More recently (today), I heard through the grapevine that some apartments may being built very soon on one side of Copper Leaf Parkway. All of this may be related to the new construction indicators just placed. Just curious to know if any of the knowledgeable and wise folks here have any more/new information they'd care to share about:
A) This specific (potential?) development, and/or
B) General thoughts as to the impact on property value in the existing Brightleaf development in the event that retail and/or apartments are built so close, and/or
C) Even more general thoughts about the typical property value effect one might expect from having apartments built so close to houses in the 250k-350k (typical) range
Many thanks in advance for your consideration! :-)
The grapevine you heard through must have not been well informed. The apartments have been planned since day 1. If you go into the Bright-leaf club you will see a master plan. Further more I don't see any positives to the apartments being added to the community. They will probably be able to use the club for free while the homeowners get shafted by enormous fees. You will get increased traffic and renters from all necks of the woods. I imagine they are building them so early is because there is a big renters market right now.
First, thanks tremendously for the quick feedback!
I've looked at that map a few times over the last couple of years, but somehow managed to miss the "Luxury Apartments" portion... I wonder what they mean by that. Maybe $700+ for a single bedroom and $900+ for a two bedroom. (?) Also, I could swear that the apartments section wasn't on the plan a year or two ago...
I'm curious -- Why would you think that apartment users would be able to use the club for free? I understand that homeowners pay about $80 per month for full access to tennis, pool, and gym -- and this after a $500 or $1000 up-front "membership" fee.
Agreed regarding renter's market being large and maybe growing still -- Hard to argue with anyone not wanting to buy in this housing climate.
Same requests for information still apply to the rest of the board -- Thanks again in advance for input you may have!!!
Apartment residents will not have access included at the Brightleaf Club. They will be able to join just the same as anyone else can.
From the HOA:
Brightleaf Apartment Development:
Greystar Real Estate Partners, LP has begun construction of the 328 unit apartment project in Brightleaf as shown on the community's master plan. The apartment development (Tract 3) was part of the original Brightleaf rezoning. The project will consist of 192 1 bedroom units and 136 2 bedroom units that will rent in a range of $750.00 to $1,150.00 per month.
The project will contain its own amenity consisting of a clubhouse, dog park and swimming pool. The apartment project is not a part of the Brightleaf HOA, nor will its residents have access to the Brightleaf Club without becoming members.
A site plan of the project will be available in the Brightleaf Club between June 1st and June 15th. Also, a similar project constructed by Greystar, Perry Point, is located at the intersection of Capital Boulevard and Highway 540. The architecture will be very consistent with this project.
In response to your quote "They label them "Luxury apartments" ha ha first time I have heard the word luxury and apartment in the same sentence."
Not always true. I've worked for and lived in many of this particular builder's property, and when they say luxury, they mean it. It's only after they sell their properties to less then stellar investment companies or hire lower standard management companies that these properties begin decline, thus bringing down the rent and you know what happens then. But their properties usually offer a fabulous leasing and maintenance staff, a fitness center, pool, grilling areas, lush landscaping, a great clubhouse with cybercafe and absolutely georgous decor. The apartments themselves usually boast a garden style or jacuzzi style tub, wood floors, black appliances, dark wood cabinetry, dog parks, etc. Given they are only 1 and 2 bedroom apts will hopefully extend the life of the "niceness" and they wont be overcrowded with growing families who cannot afford a house. Just sayin...
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