| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 63rd | Fair |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2300 Lowndes Grove Dr, Raleigh, NC, 27616, US |
| Region / Metro | Raleigh |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2011-07-18 |
| Transaction Price | $501,000 |
| Buyer | TMP PERRY POINT L L C |
| Seller | GS PLANTATION POINT LP |
2300 Lowndes Grove Dr Raleigh 24-Unit Multifamily
Positioned in an inner-suburb pocket with strong daily-needs access and a renter-heavy housing mix, this asset targets steady occupancy and leasing velocity according to WDSuite’s CRE market data.
The property sits in an Inner Suburb of Raleigh where daily services are a clear strength: grocery access ranks near the top among 331 metro neighborhoods and is in the top decile nationally, with restaurants also competitive at a high national percentile. This supports resident convenience and can aid leasing and renewal performance for workforce-oriented units.
At the neighborhood level, occupancy is around the low-90% range with minimal movement over the past five years, suggesting demand stability rather than volatility. The renter-occupied share is among the highest in the metro (top percentile nationally), signaling a deep tenant base for multifamily operators and consistent leasing funnels.
Vintage matters: the asset was built in 2008, newer than the neighborhood’s average 1998 stock. Newer construction can provide a competitive edge versus older comparables on systems and finishes, though investors should still underwrite routine modernization and common-area refresh cycles over the hold.
Within a 3-mile radius, demographics show a small population dip in recent years alongside a slight increase in household counts—consistent with smaller household sizes—but forecasts point to population and household growth through 2028. That trajectory, coupled with a high-cost ownership backdrop relative to local incomes, is consistent with sustained reliance on multifamily housing and supports occupancy stability.
Relative to Raleigh-Cary’s 331 neighborhoods, the area scores below the metro median on crime and sits in low national safety percentiles, indicating elevated incident rates compared with many U.S. neighborhoods. For underwriting, this suggests closer attention to security measures, lighting, and tenant screening to support resident experience and retention.
Trend-wise, recent data indicate an improvement in property-related incidents year over year, while violent incidents have ticked up. Investors may want to monitor these diverging trends and align operating practices accordingly, using objective comparisons over time rather than block-level assumptions.
Proximity to established corporate offices in Greater Raleigh-Durham underpins renter demand by shortening commutes for a diverse workforce. The nearby employment base spans insurance/financial services, pharmaceuticals, life sciences, and advanced manufacturing, including MetLife, AmerisourceBergen, John Deere, MetLife Auto & Home, and Quintiles.
- MetLife — insurance/financial services (12.4 miles)
- Amerisource Bergen — pharmaceuticals distribution (13.5 miles)
- John Deere Morrisville Training Center — manufacturing/training (13.7 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (13.7 miles)
- Quintiles Transnational Holdings — life sciences CRO (14.3 miles) — HQ
This 24-unit 2008 multifamily asset benefits from neighborhood fundamentals that favor leasing consistency: top-tier access to daily needs (notably grocery and dining), a renter-heavy housing mix, and metro-competitive occupancy levels. The vintage is newer than much of the surrounding stock, which can help positioning against older assets while still leaving room for targeted value-add in interiors and common areas. According to CRE market data from WDSuite, local ownership costs run high relative to incomes, a context that tends to sustain rental demand and support retention.
Within a 3-mile radius, recent softness in population alongside modest household growth points to smaller household sizes today, but forward-looking projections call for meaningful gains in both households and incomes, expanding the renter pool over the next few years. Key underwriting considerations include calibrated rent positioning to manage affordability pressure and ongoing attention to property-level security and operations.
- Renter-heavy neighborhood with deep tenant base and stable, low-90s occupancy trends.
- 2008 construction offers competitive positioning versus older local stock with targeted value-add potential.
- Strong daily-needs access (top-decile grocery and dining density) supports leasing and renewals.
- Market context of elevated ownership costs reinforces renter reliance and supports pricing power.
- Risks: below-median safety relative to metro; manage with security, lighting, and tenant screening, and price for affordability pressure.