The Davis Companies and Gemini Real Estate Break Ground on 320 Unit Multi-Family Development in Durham, N.C.
Joint venture to deliver multifamily apartment development in thriving Croasdaile Farm Community
DURHAM, NC – (February 15, 2017) – The Davis Companies (TDC), in partnership with Gemini Real Estate LLC, today announced the start of construction on The Lodge at Croasdaile at Hillandale Road in Durham, N.C. The multifamily development will bring 320 premier apartments with prime amenities, across nearly 50 beautifully landscaped acres, to the sought-after Croasdaile Farm community. Durham is renowned for its thriving economy, strong infrastructure, and robust job market as home to both Duke University and Duke Medical School. TDC and Gemini identified a need in the marketplace for high-end residences in this rapidly growing area.
The Lodge at Croasdaile is located within The Croasdaile Farm master development, a charming residential community with free-standing, single-family homes, townhomes, and apartments, just five minutes from downtown Durham, and in close proximity to an array of hotels, parks, retail and dining destinations. Residents of The Lodge will have access to the building’s 8,000-square-foot clubhouse featuring a fitness center, community room, kitchen, Wi-Fi-enabled computer lounge, and wrap-around patio overlooking the complex’s resort-style, salt water pool. Additional amenities include an approximately 1,000-square-foot “shack” – complete with a wet bar, TVs, kitchen and porch – a pedestrian bridge connecting the property to the activities lawn, and a lush dog park.
“The Raleigh-Durham market has grown tremendously in recent years, and is in need of additional residences to support its own success,” said Jerry Murphy, vice president of investments for The Davis Companies. “We’ve partnered with Gemini Real Estate to deliver our second multifamily development together in North Carolina, and look forward to supporting the area’s growth with additional housing at The Lodge.”
“This partnership combines Gemini’s deep local roots and significant on-the-ground experience in North Carolina with TDC’s broad multifamily and property management expertise,” said Blair Booth, of Gemini Real Estate. ”This project brings a distinctive living opportunity to the area that builds off of its already dynamic energy.”
The Lodge at Croasdaile is TDC and Gemini’s second venture together in the North Carolina market. In 2015, TDC and Gemini launched the construction of Sawmill Point, creating a four-story, 280-unit apartment community, adjacent to the picturesque Wilmington, N.C., Riverfront.
TDC owns and manages multifamily properties throughout the Northeast as well as in North Carolina, Washington D.C., South Florida, and the metropolitan Chicago area. The company is currently involved in the development of more than 2,000 new multifamily units across the United States. Notable projects include, but are not limited to: the substantial renovation of 600 units located in 30 residential buildings in The River City Renaissance portfolio in Richmond, VA; repositioning of 216 units at The Ponds at Naperville in Naperville, IL, and Telford 180, an 85-unit condominium building that brings a unique, reasonably priced homeownership opportunity to Allston, MA.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
The sponsor, Gemini Real Estate, LLC, is a joint venture between Wills Companies, Capital Properties of Raleigh, William Fideli Investments, and Blair Booth. The collective experience of Gemini’s partners spans three decades of successful real estate investments covering the acquisition and development of over 7,000 residential units (multi-family, student housing and single family), and more than three million square feet of retail, office and industrial properties.