MIDTOWN AT PACIFIC 2001 PACIFIC DRIVE | RALEIGH, NC 2760 4 - 294-Unit Fully Designed North Raleigh Multifamily Development
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D OW N TOW N
MIDTOWN
RALEIGH
AT PACIFIC
N O RT H H I L L S
2001 PAC I F I C D R I V E | R A L E I G H , N C 2760 4
294-Unit Fully Designed North Raleigh Multifamily Development
Opportunity Zone Deal with Immediate Developability
Building Permits Expected February 2023
FOUNDRY COMMERCIAL 1
INVESTMENT HIGHLIGHTS EXECUTIVE SUMMARY
NORTH HILLS
(5 MINUTE/2-MILE DRIVE)
ADDRESS 2001 Pacific Drive
Raleigh, NC 27604
MIDTOWN AT PACIFIC | THE INVESTMENT OPPORTUNITY
Foundry Commercial, a North Carolina broker, has been retained as the exclusive
DOWNTOWN RALEIGH
(9 MINUTE/5-MILE DRIVE)
WAKE COUNTY 1716723524 agent for the owner of Midtown at Pacific (the “Property”), a 294-unit fully entitled
multifamily development in the coveted high-demographic Midtown/North
PIN Raleigh area of Raleigh, NC. Midtown at Pacific is fully designed as a four-story
JURISDICTION City of Raleigh Type 5 urban garden development with interior corridors, elevator service in all
three buildings, and 411 spaces of surface parking (1.4 spaces/unit).
ZONING RX-4-CU
Located on the edge of an Opportunity Zone yet only two miles from the heart
Minimal conditions on
of North Hills, Midtown at Pacific offers a nearly shovel-ready site that will
exterior materials
have Site Plan Review completed in mid-January 2023 and building permits in
ACREAGE ±10.54 acres February 2023. With an infill North Raleigh location, the Property enjoys strong
rent comparables, including several 2013-2016 vintage communities, with $1,720
($1.88 PSF) rents and an appealing delta from nearby North Hills mid-rise and
UTILITIES Municipal water & sewer to
high-rise rents.
the site
ACCESS Pacific Drive (public street) Midtown at Pacific benefits from exceptional proximity within 5 minutes to the
heart of North Hills – Raleigh’s second urban district – which has experienced a
$3.5 billion development boom fueled by institutional capital in the past decade.
CURRENT 294 units
Additionally, the Property is located four minutes from Duke Raleigh Hospital
ENTITLEMENTS (186 beds), access to I-440/Raleigh’s Inner Belt line (6 minutes), high-growth
Downtown Raleigh (10 minutes), and economic hub Research Triangle Park (21
ENTITLED DENSITY 27.9 units/acre minutes).
TYPE 4-story, interior corridor, INVESTMENT HIGHLIGHTS
elevator served, surface
• North Raleigh/Midtown Location
parked
• 5 minutes/2 miles to North Hills
ENTITLEMENT Currently in Administrative
PA
• Opportunity Zone
Site Review
STATUS • Entitled for 294 units (793 average SF)
CI
Site Plan Review expected in
CLICK FOR
VPD
FI
• $668,796 soft cost expenses to-date
mid-January 2023 00
23,5
CONFIDENTIALITY
C
Building Permits expected in • January 2023: Site Plan Review AGREEMENT
DR
February 2023 expected
N UE
AV E
IV
PARKING RATIO 411 spaces • February 2023: Building Permits I C
1.4 spaces/unit and ANT
E
1.1 spaces/bedroom
expected
AT L
• 4-story surface park design
PRICING Call for Pricing
2 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 3
MIDTOWN AT PACIFIC | SITE PLAN LAYOUT MIDTOWN AT PACIFIC | DEVELOPMENT TIMELINE
SIGNIFICANT SPEED-TO-DEVELOPMENT NEARLY $950,000 IN HIGH-IMPACT SOFT COSTS APRIL JULY SEPTEMBER EARLY OCTOBER LATE OCTOBER MID DECEMBER MID JANUARY EARLY FEBRUARY
2021 2022 2022 2022 2022 2022 2023 2023
Midtown at Pacific offers a compelling opportunity Current ownership has already spent nearly $670,000 on engineering and
to acquire a nearly shovel-ready, fully designed design with high-caliber consultants, with another $276,000 expenditure
multifamily development deal. Ownership has needed to secure building permits by early February 2023. The site is
nearly two years of diligence and entitlement work offered with the ability to step into all aspects of the development with a
completed for the ultimate developer to step into. 1-for-1 reimbursement of those soft costs. PRELIMINARY
ADMINISTRATIVE ADMINISTRATIVE INFRASTRUCTURE SITE PERMIT BUILDING
REZONING SUBDIVISION FINAL PLAT
SITE REVIEW SITE REVIEW SITE PERMIT REVIEW PERMIT
PLAN REVIEW
NEARLY $950,000 IN HIGH-IMPACT SOFT COSTS CONSULTANT LIST
• ALTA survey Architect of Record SGA | NW
• CD Pricing Set
Civil Engineer McAdams
• GC quote (Samet, March 2022)
Landscape Architect McAdams
• Geotech (30 development-specific borings)
• Phase I ESA (June 2021) Structural Engineer McVeigh & Mangum Engineer-
ing
• Soft costs (to date and expected)
MEP Engineer Charlotte Mechanical
• Stormwater soil evaluation
Energy Consultant Southern Energy Management
• Will serve letters (Duke Energy, Spectrum, GFL)
Clubhouse Interior Design Level 5 Designs
OWNERSHIP REQUESTS THAT ALL
MORE INFORMATION MIDTOWN AT PACIFIC DEVELOPMENT
AVAILABLE IN THE RCM QUESTIONS BE DIRECTED TO THE
DOCUMENT CENTER FOUNDRY COMMERCIAL TEAM AND NOT
DIRECTLY TO THE CONSULTANTS
4 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 5
MIDTOWN AT PACIFIC | UNIT MIX & ELEVATION MIDTOWN AT PACIFIC | LAYOUTS & AMENITIES
UNIT MIX REPRESENTATIVE UNIT FLOORS AMENITIES INCLUDE:
fl
TYPE UNIT NAME UNIT COUNT HEATED SF
fifi fifl fi fl
fi fl fi fi fi fi
fi fl flfi fi fi
BUILDING 1 BUILDING 2 BUILDING 3
fi fl fi fi fi fl fl fl
fl fl fi fi fifi fifl fi fi fi fl
fl fl
fi fi fi
fi fi
fl fl fl
fi fl fi
fifl fl
fl fi fi
• Cabana
fl
fl
Studio S-1 11 584 fifi
fi fl
fl fl fi fi
fifl fi
fi fl fi fi fi fi
fi fl flfi fi
fifi
fl
fi
fi fi fi fl
fl
fifl fi fi fi
fl
fl
fifi fifl fi fl
fl fl fi fi fi fl fi
fi fl fi fi fi fi
fi fi fi fl fl fl fifl fl
fi fl flfi fi fi
fi fi
fi fl fi fi fi fl fl fl fl
• Club room (1,705 SF)
fl fl fi fi fifi fifl fi fi fi fl
Studio S-2 8 540
fl fl fi fi fi fl fi
fi fi fi fl fl fl fifl fl
fl fi fi
fl
fl
Studio S-TYPE A 1 584
• Dedicated package room
fl
fl
fl fi fi fififl fi fi
fl fi fi fififl fi
fi fi
fi fi
1BR/1BA C-1 131 688 fl fi fi fififl fi
fi fi
1BR/1BA C-2 8 627 fl
fi
fl
• Dedicated yoga room (413 SF)
fl
fl fi
1BR/1BA C-3 8 837 • Dog park
1BR/1BA C-TYPE A 6 688
fl fi fi fifl
• Fire pit fi fl
1BR/1BA D-1 40 806 fl fi fi fifl
• Fitness room (855 SF)
fi fl fi fi
fl fi fi fifl fi fl fi
fi fl
2BR/2BA E 3 1,062 fi fl
2BR/2BA E-1 38 1,080 fi
fi
fi
fi
fl fi
fl
fi
fi
fi
fi
fl fi
fl
fi
fi
• Hammock/egg chair area
2BR/2BA E-2 4 1,248 • Mail room
2BR/2BA E-TYPE A 2 1,080
fl
fi • Outdoor grilling area
2BR/2BA F-1 12 943
fl
fl fi fi fififl fi fi fi fl fi
fi fi
• Outdoor TV area
fl fi fi fififl fi
fi fi fl fi fl fi fl fi
2BR/2BA F-2 22 952 fl
fi flfi
fl
fi fi
fl fi
fi fi
TOTALS/AVERAGES 294 793 • Pergola
fl fi fl fi fl fi
fl fi
fl fi fl fi fl fi fi fi fl
fi flfi
fl fl fi
fi fi fi flfi
fl
fl fi fi fi fi fi fi
• Pool with sun shelf
fi fi
fi fi fi fi fl
fl fi fl fi fi fl
fl fi
REPRESENTATIVE AMENITY IMAGES
CONCIERGE + LEASING LOUNGE PACIFIC DRIVE
APARTMENTS
CLUBROOM BOOKCASE + SPEAK EASY KITCHEN PACIF
APAR
CLUBROOM PACIFIC DRIVE
APARTMENTS
6 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 7
MIDTOWN AT PACIFIC | NORTH HILLS PROXIMITY NORTH HILLS
BY THE NUMBERS
North Hills was re-imagined by Kane Realty in the early 2000s with a major
revamp of indoor North Hills Mall. Today, North Hills is Raleigh’s most
NORTH HILLS
sought-after urban node that has experienced a $3+ billion development
boom since 2009 that has attracted the most savvy global capital.
(5 MINUTE DRIVE)
3+ BILLION
DEVELOPMENT
North Hills is a quintessential walkable mixed-use area with high-rise SINCE 2009
multifamily that drive the highest rents in the entire Triangle, office towers that
house the region’s only Fortune 500 HQ (Advance Auto), and a unique retail
experience that attracts statement brands such as Peter Millar, Peloton, RH,
3.8M 755K
SF OF SF OF
and Warby Parker alongside local boutiques.
CLASS A OFFICE HIGH-END RETAIL
DINING
ALADDIN’S EATERY FIREBIRD’S STIR RALEIGH 2,900 501
ANOTHER BROKEN EGG FIVE GUYS THE CAPITAL GRILL MULTIFAMILY HOTEL
BARTACO KILWINS THE COWFISH UNITS ROOMS
BONEFISH GRILL PANERA BREAD VITA VITE
CHICK-FIL-A PIEOLOGY PIZZA VIVACE
CHIPOTLE SMOOTHIE KING WHICH WICH NORTH HILLS/MIDTOWN
CHUY’S STARBUCKS YARDHOUSE
MIDTOWN AT INSTITUTIONAL
SHOPPING
ANTHROPOLOGIE FITNESS CONNECTION REI
PACIFIC OWNERSHIP & CAPITAL
AT&T GNC NORTH HILLS SUR LA TABLE
BANK OF AMERICA HARRIS TEETER TARGET
BONOBOS KENDRA SCOTT THE UPS STORE
BROTHERS CLEANERS LENS CRAFTERS TOTAL WINE
CYCLE BAR LILLY PULITZER VINEYARD VINES
ETHAN ALLEN LULU LEMON WALGREENS
EXXON PELOTON WARBY PARKER
FINK’S JEWLERERS PETER MILLAR WELLS FARGO
THE8 EASTERN - NORTH HILLS
FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 9
MIDTOWN AT PACIFIC | LOCATION
EXCHANGE RALEIGH DUKE RALEIGH HOSPITAL
Adjacent to Kane’s North Hills development, Dewitt Carolinas is Duke Raleigh Hospital is one of three hospitals in the world-
planning a $1B+ mixed-use destination centered around a 4-acre renowned Duke Health system and offers exceptional care to the
MIDTOWN EAST “central park” and greenway connections. Raleigh community.
COSTCO
The Exchange has kicked off Phase I with a 12-story 330,000 SF 186 BEDS
HOLLY PARK Class AA office tower and 20,000 SF of ground floor retail, with
440
NORTH HILLS 2,000+ EMPLOYEES
future phases planned for 105,000 SF of retail, 300 hotel rooms,
and up to 1,275 residential units (for sale and for rent). HIGH PERFORMING RANKING (U.S. NEWS & WORLD REPORT) IN 6 SPECIALTIES
440
EXCHANGE RALEIGH
DUKE RALEIGH
HOSPITAL
W
AK
E FO
RES
T RO
AD
WALMART
SUPERCENTER
EAST MILLBROOK ROAD
HOLLY PARK MIDTOWN EAST
ATLAN
TIC AV DSW SHOES
ENUE BB’S CRISPY CHICKEN
MELTING POT CAVA
PET SUPPLIES PLUS CHASE BANK
ROSS CRUMBL COOKIES
STAPLES STARBUCKS
TRADER JOE’S TORCHY’S TACOS
ULTA BEAUTY
10 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 11
MIDTOWN AT PACIFIC | PROXIMITY TO URBAN CORE
DEMOGRAPHICS EMPLOYMENT STREETSCAPE
21,000+ 112%
RESIDENTS GROWTH 48K+ 2,446
DOWNTOWN WITHIN ONE
MILE
SINCE 2000 EMPLOYEES BUSINESSES IN
DOWNTOWN
RALEIGH 66%
50+
RESIDENTS WITH
BACHELORS DEGREES 120 151
OR HIGHER 14,169 R E TA I L E R S R E S TA U R A N T S A R T S & C U LT U R A L
3,451 PROJECTED 21% 1 9 H AV E INSTITUTIONS
UNITS ADD IN NEXT GROWTH IN JAMES BEARD
DELIVERED IN 15 YEARS EMPLOYEES N O M I N AT I O N S
LAST 5 YEARS THIS DECADE
41K
STUDENTS ENROLLED
AT R A L E I G H
7,914 UNIVERSITIES #1 BEST CITY TO LIVE IN FOR
HOUSING
UNITS 6,840 YOUNG PROFESSIONALS
G O B A N K I N G R AT E S , F E B R U A R Y 2 0 2 2
UNITS
PLANNED
36%
S T E M G R A D U AT E S
3 2 661K SF
GROCERY FOOD HALLS O F N E W R E TA I L
DEVELOPMENT PLANNED
5 MILES OR 9 MINUTES TO
DOWNTOWN RALEIGH $6.7B
VISITORS IN CURRENT
DEVELOPMENTS
MOORE SQUARE’S $ 1 3 B
3.5M 447 R E N O VAT I O N C O M P L E T E D
VISITORS
EACH YEAR $4.4B ACRES
SINCE 2005 O F PA R K A R E A 308-ACRE DIX PARK P O I S E D TO
B E R A L E I G H C E N T R A L PA R K , M A S T E R
P L A N N I N G U N D E R WAY
MIDTOWN 1M
AT T E N D 1,448
AT PACIFIC SPECIAL EVENTS HOTEL ROOMS
AT 7 5 . 6 %
O C C U PA N C Y
RALEIGH UNION STATION
DELIVERED IN SPRING 2018
10-YEAR DOWNTOWN PLAN
I M P R O V E PA R K S PA C E S , P R O V I D E M O R E T R A N S P O R T AT I O N O P T I O N S , M A I N T A I N
$ 1 1 1 . 4 B M U LT I - M O D A L C E N T E R ,
A U T H E N T I C I T Y A N D C H A R A C T E R , C R E AT E A R O B U S T R E T A I L E N V I R O N M E N T,
97 ADDING RAPID TRANSIT AND
I M P R O V E A F F O R D A B L E H O U S I N G O P T I O N S , E S T A B L I S H S T R O N G E R PA R T N E R S H I P S
WA L K S C O R E COMMUTER RAIL IN NEAR FUTURE
FOR DOWNTOWN’S FUTURE
MAJOR DOWNTOWN EMPLOYERS
STATE OF
NORTH
CAROLINA
12 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 13
MIDTOWN AT PACIFIC | RENT COMPARABLES
ALL UNITS
PROPERTY YR BLT OCC. % UNITS AVG SF MKT RENT/UNIT $PSF 2
TOTALS/AVERAGE 2017 84.6% 321 917 $1,724 $1.88
S MIDTOWN AT PACIFIC 2024 N/A 294 793 $1,699 $2.14 • Limited North Raleigh Development:
With the North Raleigh area seeing
1 Jones Grant 2015 96.3% 243 929 $1,842 $1.98
approximately one new development per
2 Junction Six Forks 2013 97.0% 266 967 $1,819 $1.88 year, throughout a large and well-heeled
3 Litchford 315 2021 97.1% 240 1,026 $1,934 $1.88 area, communities enjoy a sticky tenant
4 Cortland Midtown East 2015 96.0% 592 987 $1,710 $1.73 base and compelling rent premiums.
5 Meridian at Sutton Square 2016 98.4% 188 928 $1,652 $1.78 • Strong Rents Driven by Location 5 6
6 The Piedmont 2020 93.9% 382 853 $1,583 $1.85 & North Hills Proximity: Due to the
scarcity of new developments, Midtown
3
7 Broadstone at Oak City 2022 13.4% 335 843 $1,658 $1.97
at Pacific’s applicable rent comparables
command an average chunk rent of
$1,720 ($1.87 PSF), even though most
comps are older vintage communities
(2013-2016). With strong North Raleigh
demographics and employment proximity,
these rent comparables have pushed rents
$1.97
$2.14 due to a healthy delta from North Hills’
mid-rise rents ($1,980 average) and high-
S
$1,842 $1,934
rise rents ($3,025 average).
$1.88
$1.85 $1.78
1
7
4
14 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 15
MIDTOWN AT PACIFIC | RENT COMPARABLES
STUDIO MARKET RENT COMPS 2 BEDROOM MARKET RENT COMPS
PROPERTY UNITS SF $/PSF MKT RENT PROPERTY UNITS SF $/PSF MKT RENT
C# Comp Average 21 620 $2.37 $1,470 C# Comp Average 113 1,106 $1.72 $1,904
S Midtown at Pacific 20 566 $2.40 $1,359 S Midtown at Pacific 81 1033 $1.95 $2,014
1 Jones Grant 26 680 $2.33 $1,587 1 Jones Grant 101 1,110 $1.67 $1,856
6 The Piedmont 16 561 $2.60 $1,458 2 Junction Six Forks 128 1,098 $1.88 $2,060
7 Broadstone at Oak City 21 640 $2.25 $1,439 3 Litchford 315 120 1,063 $1.89 $2,006
4 Cortland Midtown East 261 1,135 $1.62 $1,834
5 Meridian at Sutton Square 24 1,153 $1.61 $1,859
6 The Piedmont 132 1,112 $1.56 $1,732
7 Broadstone at Oak City 57 1,152 $1.75 $2,011
1 BEDROOM MARKET RENT COMPS
PROPERTY UNITS SF $/PSF MKT RENT
C# Comp Average 173 766 $2.05 $1,568
S Midtown at Pacific 193 716 $2.24 $1,603
1 Jones Grant 116 828 $2.28 $1,887
2 Junction Six Forks 125 789 $1.98 $1,559
3 Litchford 315 72 810 $2.05 $1,662
4 Cortland Midtown East 285 779 $1.88 $1,467
5 Meridian at Sutton Square 116 786 $1.91 $1,504
6 The Piedmont 234 727 $2.07 $1,507
7 Broadstone at Oak City 245 764 $2.06 $1,572
JONES GRANT CORTLAND AT MIDTOWN EAST JUNCTION SIX FORKS
16 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 17
MIDTOWN AT PACIFIC | DEVELOPMENT PIPELINE
NORTH RALEIGH | MULTIFAMILY
NAME ADDRESS DEVELOPER UNITS STATUS TYPE DELIVERY LEASED %
1 The Eastern 4204 Six Forks Road Kane Realty 376 Lease-Up High-Rise 2Q 2022 41%
8
11
3
2 Broadstone Oak City 2911 Mid-Century Drive Alliance Residential 335 Lease-Up Urban Garden 3Q 2022 12%
NAME ADDRESS DEVELOPER UNITS STATUS TYPE DELIVERY 9
3 Aventon Nora (Phase I) 6301 Lakecrest Drive Aventon 372 Under Construction Urban Garden 4Q 2022
4 Forge at Raleigh Iron Works 2221 Iron Works Drive Grubb Ventures 220 Under Construction Mid-Rise 4Q 2022
5 Hyatt North Hills (conversion) 1105 Navaho Drive Magma Equities 128 Under Construction Mid-Rise 1Q 2023 S
6 The Vine (Phase II) 540 St Albans Drive Kane Realty 200 Under Construction Mid-Rise 2023 1
7 14 6 10
7 North Hills Tower 4381 Lassiter Mill Road Kane Realty 287 Under Construction High-Rise 2023
8 Fox Crossing 7001 Louisburg Road Dominion Realty Partners 234 Under Construction Garden 2023 5
9 Atlantic Springs Place 5501 Atlantic Springs Rd Dominion Realty Partners 264 Under Construction Garden 2023
10 Meridian at North Hills 901 St Albans Drive Northview 204 Under Construction Mid-Rise 2024
2
11 Aventon Nora (Phase II) 6301 Lakecrest Drive Aventon 350 Planning Urban Garden 2024
S MIDTOWN AT PACIFIC
12 4
13
12 912 Hodges 912 Hodges Street Beacon Partners 345 Proposed Mid-Rise 2024
LEASE-UP
13 East End Market Whitaker Mill and Wake Forest Road SLI Capital 465 Proposed Mid-Rise 2024
UNDER CONSTRUCTION
14 North Hills Mixed Use Tower 4006 Market at North Hills Street Kane Realty 354 Proposed High-Rise 2025
PLANNING/PROPOSED
18 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 19THE RESEARCH TRIANGLE’S WHY INVEST IN THE TRIANGLE?
HORSEPOWER DRAWS
LARGELY FROM
THREE WORLD CLASS HILLSBOROUGH
#1 BEST CITY TO LIVE IN FOR
YOUNG PROFESSIONALS
RALEIGH | GOBANKINGRATES
#1 BEST PLACES TO INVEST IN
REAL ESTATE
RALEIGH-DURHAM |CROWDSTREET JOB ANNOUNCEMENTS
UNIVERSITIES. (JANUARY 2022)
70 50 (FEBRUARY 2022)
85
1
MORE THAN 4,299 JOBS
#1 #1
86
DURHAM BEST CITY TO LIVE IN 2022 BEST CITY FOR WORKING
DUKE RALEIGH | BANKRATE WOMEN IN AMERICA ANNOUNCED SINCE APRIL 2021
The Raleigh-Durham Triangle gets its name UNIVERSITY 98
(JUNE 2022) RALEIGH-DURHAM | APARTMENT LIST
from the three research-based universities CHAPEL HILL 501 70 50
(MARCH 2022) 21,000+ IN THE LAST 24 MONTHS
who anchor the area: Duke University in 40
Durham, North Carolina State University 54 55
#2 #3
885
OVERALL REAL ESTATE MARKET TOP HOTTEST REAL ESTATE
54
(NCSU) in Raleigh, and University of North THE UNIVERSITY SOUTHPOINT
1
Carolina at Chapel Hill. The combined OF NORTH
RESEARCH
TRIANGLE 540
540
401 PROSPECTS IN THE U.S. MARKETS IN THE U.S.
CAROLINA 55
70
economic impact of these universities in the MIDTOWN RALEIGH-DURHAM | ULI DURHAM | ROCKET MORTGAGE
region tops $20 billion annually. 40 50 AT PACIFIC (2021 EMERGING TRENDS REPORT) (MAY 2022)
501 440
This emphasis on higher education drives a MORRISVILLE
RALEIGH
401
significant amount of innovation throughout
#5 BEST PERFORMING CITY
#3 HOTTEST JOB MARKET IN
540
the region - from universities funding
CARY INDEX IN AMERICA AMERICA
40 440
55
RALEIGH- DURHAM | MILKEN INSTITUTE RALEIGH-DURHAM | WSJ &
lifesaving research projects to students NORTH (FEBRUARY 2021) MOODY’S (APRIL 2022)
launching their own start-ups. RedHat, for 64
64
CAROLINA STATE
UNIVERSITY
example, launched on NCSU’s campus and 64
WILSONVILLE APEX
now employs more than 13,000 people in
#8 BEST PLACES TO START A
#6 BEST PLACES TO LIVE IN THE
1 55
the Triangle.
BUSINESS U.S. IN 2022-2023
RALEIGH- DURHAM| WALLETHUB RALEIGH-DURHAM | U.S. NEWS &
(APRIL 2022) WORLD REPORT (MAY 2022)
20 FOUNDRY COMMERCIAL FOUNDRY COMMERCIAL 21LAND SERVICES DEBT & EQUITY SERVICES MULTIFAMILY SERVICES
SARAH GODWIN J.C. TACOT TREY RIDDLE
Senior Vice President Vice President Senior Vice President
(919) 309 5819 (813) 204 2101 (919) 576 2699
sarah.godwin@foundrycommercial.com john.tacot@foundrycommercial.com trey.riddle@foundrycommercial.com
KARL HUDSON IV, CCIM JOHN MANNING
Partner, Land Services Senior Vice President
(919) 987 1012 (919) 576 2682
karl.hudson@foundrycommercial.com john.manning@foundrycommercial.com
This opinion is not an appraisal of the market value of the property, and may not be used in lieu of an appraisal. If an appraisal is desired, the services of a licensed or certified appraiser
shall be obtained. This opinion may not be used by any party as the primary basis to determine the value of a parcel or of interest in real property for a mortgage, including first and second
mortgages, refinances, or equity lines of credit. The information used in this opinion has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not ver-
ified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the future perfor-
mance of the property.
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