Brimming with history and culture, Raleigh, North Carolina, was ranked as one of the top ten places for people to retire. This southern city, which serves as the state capital, boasts a world-class healthcare system, an abundance of outdoor recreational areas, and easy access to the coast and mountains. The population of renters age 55 and older has been steadily increasing, while the amount of affordable properties in the area has remained limited. The few affordable rental communities in Raleigh have maintained an average occupancy rate of 98%, indicating the need for additional properties.
Amber Spring Apartments is a newly constructed rental community in Raleigh consisting of 42 one- and two-bedroom units for individuals 55 and older earning up to 40% and 60% of the Area Median Income. Each unit includes standard appliances, central heat, a coat closet, an internet connection, ceiling fans, and an emergency pull chain. Evergreen Construction Company served as the developer for Amber Spring Apartments. This Raleigh-based company specializes in developing family and senior rental properties throughout NC and has successfully partnered with CAHEC on 22 other projects. Additionally, Evergreen Construction Company manages Amber Spring Apartments as it self-manages all of the developments it constructs.
New Construction: 42 Units
Private Equity Investment: $3,129,498
Local Jobs Supported: 38
Local Government Revenue: $713,840
The property also features community amenities such as a community room, computer center, library, tenant storage areas, exercise room, and laundry facility. The three-story building that houses all 42 units also has an elevator and covered drive-thru entrance. Amber Spring Apartments conveniently sits adjacent to a grocery store, shopping plaza, and several major highways. As the need for affordable housing for seniors continues to rise in the community, it is critical to continue developing new properties such as this one. Amber Spring Apartments will offer a safe and affordable community for seniors in Raleigh to call home for years to come.