Wheelock Street Capital announced today the acquisition of Traditions at Heritage, a 364 acre master planned community located in Wake Forest, NC, a suburb of Raleigh. Traditions at Heritage is located on the HWY 98 By‐Pass approximately one mile east of Route 1A and to the north of Heritage Wake Forest. Once completed, the community will contain approximately 700 attached and detached homesites and is entitled for over 30 acres of commercial development. The acquisition marks Wheelock’s first land investment in the Raleigh Durham market.
Raleigh was ranked in July 2011 by Forbes as the #2 “next boom town in the US”, and the relative strength of its new home market reflects this. Wake Forest, in particular, has captured an increasingly large share of Raleigh’s new home construction activity, driven in large part by the success of Heritage Wake Forest, the Triangle’s #1 selling new home community. Traditions at Heritage is located near Heritage and is expected to fill the void in the market that will be left as Heritage completes build-out.
The property will be developed and managed by JPM South Development. Ground-breaking is scheduled for early 2012, with the first lot deliveries occurring in late 2012. The community will offer a wide range of housing options, with prices beginning in the mid to low $200s and reaching in excess of $500,000.
Wheelock principal and head of land acquisitions, Dan Green, said of the transaction, “We are extremely pleased to be adding such a well located community to our portfolio, and to be working with such a high quality partner as JPM South Development. The Raleigh Durham market’s demographics are among the strongest in the nation, and we look forward to seeking further investment opportunities in this region.”