A new batch of high-end, built-to-rent townhomes is set to rise in the shadow of Crabtree Valley Mall in north Raleigh, bringing gated, amenity-heavy living to one of the city’s busiest retail corridors. Charlotte-based Pappas Properties is planning a private community of about 65 rental townhomes with two- and three-story floor plans and shared amenities. The development, now being marketed as Cadia Grandview, started site work this winter and is expected to begin leasing in early 2027.
Project details and timeline
Pappas has broken ground at 5201 and 5301 Homewood Banks Drive, where the community will include 65 townhomes, according to Multi‑Housing News. The homes are planned as two- and three-story layouts of roughly 1,500 to 1,800 square feet. The developer is projecting an early 2027 leasing start, giving plenty of time for the project to move through construction and branding. The townhomes appeared in local zoning filings under a working name and have evolved through several rounds of site planning over the last year.
What to expect on site
Plans call for a clubhouse, resort-style pool, dog park and gated access, features the developer promoted during rezoning discussions earlier in the process, as reported by the Triangle Downtowner. Engineering partners note the parcel comes with some headaches, including steep slopes and shallow bedrock, details outlined on the project consultant’s site design page at WithersRavenel. Those constraints help explain the compact, stacked townhome layout now moving forward, according to planners.
Contractors and construction
Center Park Builders is listed as the homebuilder, and Cardinal Civil Contracting kicked off site work in January, according to Multi‑Housing News. Pappas says construction will roll out in phases to limit disruption on the sloped lot and to preserve connections to the nearby Crabtree Creek greenway. Leasing and marketing details are expected to surface as vertical construction ramps up later this year.
Local market context
The project arrives as the Raleigh‑Durham metro has been absorbing a wave of new multifamily supply. Yardi Matrix data shows average advertised asking rents have eased to about $1,553 while occupancy has held near 94 percent, a combination that is pushing some landlords to compete harder on amenities. The townhome site is next to a mall that sold to Macerich in 2025 for $290 million, a deal that locked in new ownership and set the stage for future redevelopment plans at Crabtree Valley Mall, per $290 million deal.
The Triangle Business Journal first reported this development and has additional details on the rezoning and Pappas’s broader plans. For now, the clearest public signs to watch are permit filings and a marketing site as the project moves toward its 2027 lease launch, which should offer a better look at rents and the final unit mix.
