North Raleigh, NC 212-acre master-planned development site sells for $12 million

Sarah Godwin

RALEIGH, NC – JLL Capital Markets has closed the $12 million sale of Buffaloe Reserve, an approximately 212-acre, master-planned development opportunity with residential and commercial zoning in the North Raleigh area of the Triangle region.

 JLL represented the seller. The purchaser is a joint venture between Suncrest Real Estate & Land, a national residential master developer, and TriGate Capital, a leading real estate investment manager.

 Sean Cooney

  The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Director Sarah Godwin.

 “This is an exciting addition to our portfolio in Raleigh, which now totals almost 2,500 lots,” said Sean Cooney, Managing Partner at Suncrest.

 “Buffaloe Reserve will bring a diverse mix of residential and multi-family product to an area of the city that is severely undersupplied and is growing rapidly.” 

Buffaloe Reserve offers approximately 2,000 feet of frontage along the Neuse River and nearly 3,000 feet of frontage along I-540, serving as one of the largest undeveloped single-ownership parcels remaining in Wake County. 

The rezoning of the site was finalized in December 2021 with approval for 1,110 residential units, including single-family, townhome and apartments, as well as a commercial component.

 Located at 6515 Buffaloe Rd., the property is within a 20-minute drive of the market’s largest employment nodes, including downtown Raleigh, North Hills and Research Triangle Park.

 

Buffaloe Reserve, 6515 Buffaloe Road,
 North Raleigh, NC aerial photo

The property is well-located near key east-west regional connector I-540 and offers north-south connectivity from both U.S. Highway 401/Louisburg Road and U.S. Highway 1/Capital Boulevard. 

The site is also proximate to the 1.2-million-square-foot Triangle Town Center Mall.

Contact:

 Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com