TriGate Capital Sells 194 Acres of Buffaloe Reserve Residential Land in Raleigh, NC to National Homebuilder
TriGate Capital and Suncrest sold 80% of their Buffaloe Reserve residential land tract to Meritage Homes, the US’s 5 th largest homebuilder.
This was the first sale from the TriGate and Suncrest Carolina-Tennessee single family land joint venture. The venture had entitled and engineered the parcel for 650 single family lots. The remaining 18 acres is entitled for multifamily. A spine road is currently under construction to provide access to the multifamily tract.
“The sale confirms the demand from national homebuilders for entry level lots in the growing Raleigh, Charlotte and Nashville markets” said Adam Aultz, TriGate’s Chief Investment Officer. Sean Cooney, one of Suncrest’s principals said “We were pleased that we were able to work with the local and state governments to create an outstanding community plan that meets the needs of national builders, such as Meritage Homes, and their customers.”