10-31-2013 07:53 PM

Land for 2,250 new homes sells for $13M in north Raleigh

An aerial view of the 5401 North property at the intersection of I-540 and N.C. 401 in north Raleigh. The Northern Wake Campus for Wake Tech is located to the north of the site.

It’s a milestone moment for the long-dormant 5401 North development project in north Raleigh.
A Louisiana homebuilding company that just entered the Triangle market earlier this year has paid $12.9 million for all of the 156-acre residential tract of land at the 400-acre 5401 North site.
The neighborhood, located at the intersection of I-540 and N.C. 401 next to the WakeTech Northern Wake Campus, has already been approved for 2,250 home sites, as well as 1 million square feet of office and retail space.
Engquist-Level Development of Baton Rouge, La., purchased the residential property from Commercial Properties Realty Trust, also of Baton Rouge, which has owned the 5401 North land since it was assembled in 2007.
On-site infrastructure of the property will begin soon, and the first homes are scheduled to begin construction early next summer. Both companies will continue to collaborate on the project, says ELD President John Engquist.
Enquist-Level will be assembling a coalition of builders for the project, which will include its subsidiary Level Homes.
Level Homes announced in April it would be opening three new communities in Apex, Cary and Durham in 2013.
The site design is being led by Dover, Kohl and Partners of Miami.
The 5401 North property will connect with the 28-mile Neuse River Greenway and will have its own elementary school and middle school. Riverbend Elementary opened in 2008, and the middle school is scheduled to open in 2017.
Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate

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