A Charlotte developer recently began construction on Revel Greensboro, a 360-unit apartment community just off the Greensboro Urban Loop and close to Piedmont Triad International Airport.
Collett Capital is the developer of Revel Greensboro, planned at the intersection of Leabourne Road and N.C. 68 in a corridor that includes a new 210,000 square foot industrial building for ProKidney, a Sheetz convenience store and The Retreat at 68 apartments. Cone Health paid $5.1 million for 6.38 acres last year next to Retreat.
Samet Corp. built three 200,000 SF or so industrial specs on the corridor, which includes Cameron Campus of Guilford Technical Community College.
“There is a lot of great energy in the area,” DuBose Williamson, a principal with Collett, told Triad Business Journal.
Revel will have nine, four-story, 40-unit buildings with elevators, varying from the three-story apartment buildings — that do not require elevators — typically built throughout the Triad.
Williamson pointed out that four-story buildings at Comet Greensboro, an apartment community developed by Comet Builders’ Seth Coker and Nathan Isner off Guilford College Road near Interstate 40, have proven popular.
“It’s something we’ve done in Raleigh and Charlotte (markets),” Williamson said. “Customers seem to appreciate the elevators. Walking up a few flights of stairs with groceries in August is not a fun experience.”
Williamson said the sale of the 20-acre building site behind Sheetz closed about 10 days ago.
Williamson said he expects ground breaking in the next few days, with an initial phase of the apartments expected to be delivered in the first quarter of 2025 with the entire community completed around summer 2026. He did not reveal the estimated cost of the development.
Revel Greensboro is planned with amenities including pickleball courts, grilling stations, a zero-entry pool, walking/exercising trails, dog parks, and spaces for outdoor lawn games. The clubhouse features a state-of-the-art fitness center and a lounge with workstations and conference rooms to accommodate remote working residents.
Summit Contracting Group of Jacksonville, Florida, is the general contractor. The apartments are the first in the Triad by Collett.
Tyler Covington and Joe Hollmeyer are other principals of Collett Capital. The apartments will be adjacent to an industrial spec building developed by sister company Collett & Associates and Samet Corp.
Williamson said Collett is interested in more multifamily opportunities in the Triad.
“We’re trying,” he said. “We’d like to get more of them.”
Collett Capital is a real estate private equity firm with more than $670 million in assets under management that is focused on acquiring and developing well-located, income-producing real estate assets with durable cash flows and upside potential.
Since 2020, Collett Capital has acquired or started construction on nine multifamily communities totaling more than 1,400 units. Through its real estate funds, the firm acts as a sponsor, operating partner, and co-investor alongside its institutional and private capital partners.
Collett Capital’s website shows it owns a variety of multifamily housing, retail and industrial developments in North Carolina and eight other states, most on the Atlantic coast.
Source: Triad Business Journal