Chapanoke housing breaks ground on 200 Raleigh apartments

Construction has begun on Chapanoke housing, a nearly $58 million development planned to bring 200 income-restricted apartments to Raleigh, North Carolina. The public-private project is expected to be completed in early 2028.

Key Takeaways

• The apartments are planned for households earning between 30% and 70% of area median income.
• The development is next to a Wake Tech campus and near a planned bus rapid transit corridor.
• The financing combines tax credit equity, private financing and subordinate public financing.

Chapanoke housing plans and location

The community at 326 Chapanoke Road will include one-, two- and three-bedroom apartments. It is adjacent to Wake Technical Community College’s Public Safety Education Campus and near the planned Southern Wake Bus Rapid Transit corridor.

Wake Tech originally donated the land for the project. The site was developed through collaboration among the developers, Wake County, the City of Raleigh and the college.

Developers and financing

Harmony Housing Affordable Development, Gilbane Development and F7 International Development make up Raleigh Community Partners LLC, the project’s development group.

Greystone Real Estate Capital is providing Low-Income Housing Tax Credit equity. Greystone Housing Impact Investors LP and Citi Community Capital are supporting construction and permanent financing, while Wake County and the City of Raleigh are contributing subordinate public financing.

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