Stiles enters apartment project in Raleigh, N.C.
The Fort Lauderdale-based firm’s joint venture will break ground next month
February 20, 2016 10:05AM
Rendering of Stiles’ Raleigh, N.C., rental project
Fort Lauderdale-based Stiles has entered a joint venture to build a 186-unit luxury apartment building in Raleigh, North Carolina.
Construction of the gated apartment property is expected to start next month and conclude in the summer of 2017.
The apartments will range in size from 600 square feet to 1,700 square feet. Common areas will include three lounges, a café, a resort-style swimming pool, fitness center and a bocce ball court.
Stiles is developing the apartment property in a joint venture with a Raleigh-based Grubb Ventures, which has developed multiple apartment properties in Raleigh.
Stiles’ president of North Carolina operations, Scott MacLaren, said in a press release that the joint venture “marks Stiles’ foray into Raleigh as part of our strategic expansion outside of Florida and into select sub-markets throughout the Southeast.”
Stiles opened an office in Charlotte, North Carolina, in 2012 as part of its plan to expand outside Florida.
Source: The Real Deal