WAKE FOREST, NC—Capstone has closed the $4.34 million sale of a 23-acre development site in Wake Forest, North Carolina. The site will be the future home of Hawthorne at the Forest: a 248-unit luxury apartment community set to deliver in 2022.
Once completed, Hawthorne at the Forest will be comprised of 110 one-bedroom, 110 two-bedroom, and 28 three-bedroom open concept apartment homes. The units will feature best-in-class finishes, including wood-style floors, energy-efficient GE appliances, washer/dryer in unit, stone countertops, tile backsplashes, oversized garden tubs, walk-in showers, and stylish light fixtures.
Capstone’s Caleb Troop, Ron Corrao, and Eric Liebich brokered the joint venture sale between The Evolve Companies and Hawthorne Residential.
“Wake Forest continues to be a desirable Raleigh submarket for institutional quality multi-family investment,” said Troop. “Once delivered, we expect this project to out-perform, especially given Hawthorne and Evolve’s track record of delivering best-in-class apartment communities across the Carolinas.”
The development site is located at 10728 Star Road in southern Wake Forest, closest to Raleigh and in the epicenter of the flourishing submarket. The site is five miles from I‐540 and 15 miles to downtown Raleigh. Additionally, Hawthorne at the Forest will benefit from NCDOT’s $465 million project to improve traffic congestion and travel times by converting Capital Boulevard into a controlled-access road between I-540 in Raleigh and Purnell Road in Wake Forest. The four-phase project is slated to begin in 2022 and will significantly improve commutes to Raleigh and the greater Triangle area.
The community will boast a luxury amenity package, with a beach-entry saltwater swimming pool, poolside grilling area, outdoor kitchen, 5,000 square foot clubhouse, cyber café, fitness center, playground, dog park, billiards lounge, and more.
The Hawthorne at the Forest development site is ideally positioned in the path of growth, as Wake Forest’s population has more than tripled since 2000. The area’s popularity is driven by its proximity to Raleigh’s CBD as well as access to great schools, healthcare, and family-friendly lifestyle amenities.