RALEIGH, NC-In a sale between two Baton Rouge, LA-based firms, a 156-acre residential tract has changed hands and construction on a major home development here is expected to begin soon.
Engquist-Level Development, which recently entered the Triangle market, purchased the property from Commercial Properties Realty Trust, which had owned the 5401 North land since it was assembled in 2007. The purchase price for the parcel at the 400-acre 5401 North site was $12.9 million, according to the Triangle Business Journal.
The neighborhood, located next to the WakeTech Northern Wake Campus, has been approved for 2,250 home sites and 1 million square feet of office and retail space.
An Enquist-Level executive says the firm will be assembling a coalition of builders for the project, including its subsidiary Level Homes. See story in the Triangle Business Journal.
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