PCCP, Abode to Develop Three Built-to-Rent Residential Communities Near Downtown Raleigh
RALEIGH, N.C. — PCCP LLC, in a joint venture with Abode Communities LLC, plans to develop three build-to-rent (BTR) communities near downtown Raleigh totaling 73 detached homes. The three inﬁll communities will include a mix of single-family homes and townhomes, complete with a variety of neighborhood amenities. The three properties will be located within a half-mile from Raleigh’s central business district.
The joint venture closed on its ﬁrst site, Abode at Hargett, in August of this year. The two companies expect to acquire the remaining two sites — Abode at Courtland in Raleigh’s Mordecai District and Abode at North State in the city’s historic Oakwood district — by the beginning of 2022.
Abode Communities is an operator of BTR and SFR communities and is based in Raleigh. PCCP is a real estate finance and investment management firm based in Los Angeles.