National developer breaks ground on two large affordable housing developments that will provide local area with more than 300 units of housing
Influx of housing to help address increased housing shortage in Raleigh and Durham markets.
(Raleigh/Durham, North Carolina—) As the state of North Carolina continues to work to address the growing need for more affordable housing, residents living in Durham and Raleigh will soon have access to more than 300 units of high-quality affordable housing thanks to the construction of two new communities that are being built by one of the country’s top affordable housing developers. Sankofa Landing is in Durham’s Bragtown neighborhood off Dearborn Drive while the Preserve at Gresham Lake is located in Raleigh near the Durant Nature Preserve. Both developments will offer 156 units of 1-,2- and 3 and are being built by LDG Development—one of the country’s largest developers of affordable housing with more than 25,000 units of high-quality housing that spans across 10 states.
“More communities across the country are following the cities of Raleigh and Durham by recognizing that continued economic growth is dependent upon ensuring that cities are providing a variety of housing options that can meet the needs of a diverse workforce organizations need to fuel their continued growth and competitiveness,” said Chris Dischinger, co-founder of LDG Development. “LDG is honored to be partnering with the communities of Raleigh and Durham to ensure more North Carolinians have housing that can serve as the foundation for continued growth and success.”
Sankofa Landing and The Preserve at Gresham Lake are the company’s first developments in North Carolina and, collectively, represent a more than $100 million investment within the area. Financing for Sankofa Landing was provided by R4 Capital Funding, PNC and the City of Durham. Funding for The Preserve at Gresham Lake includes funds from the City of Raleigh and Wake County.
Residents living at both developments will have access to a variety of community and in-unit amenities. This includes large spacious floor plans with walk-in closets; upgraded flooring; granite countertops, a clubhouse that houses a large community space with business and fitness centers; a community pool, covered picnic areas with community grills and a playground and toddler play areas. Additionally, Sankofa Landing will serve as the Durham Post for the Veterans of Foreign War. The VFW will occupy 5,000 square feet of and have access to the community amenities at this development.
Sankofa Landing and The Preserve at Gresham Lake are both expected to open next year. Monthly rental rates at Sankofa Landing will range between $1,118-$1,940, while rental rates at The Preserve at Gresham Lake will range between $1,069-$1,940.
“It is clear that community, business, government and civic leaders within this state share our belief that everyone deserves a quality place to live and that greater access to quality housing makes the entire city stronger,” said Dischinger. “Going forward, we look forward to continuing to invest in this area and providing housing families are proud to call home.”
