Alliance Residential Acquires 15.7 Acres in Raleigh for Multifamily Development
RALEIGH, N.C. — Alliance Residential Co. has acquired 15.7 acres in Raleigh for the development of Prose New Hope, a 344-unit apartment community that marks the firm’s first Prose-branded property in the city. Prose is a new housing concept focused on building attainable homes near high-growth employment areas such as Raleigh. The seller and sales price of the land was not disclosed. Construction of Prose New Hope is slated for completion by early 2023.
The property will offer one- and two-bedroom floorplans with an average unit size of 1,012 square feet. Unit features will include granite countertops, shaker style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, clubhouse, fitness center, business center and a dog park.
Located at 4100 Buffaloe Road, Prose New Hope will be situated across the street from a new Lidl grocery store, as well as Triangle Town Center. The property will also be close to Highway 401, Interstates 440 and 540, downtown Raleigh, NC State and Wake Technical Community College’s northern campus.