Mungo Homes is staking a bigger claim in southern Wake County, snapping up roughly 35 acres in Fuquay-Varina for a new 119-home neighborhood called Arbor Preserve. Planned for the northeast corner of Highway 540 and Lake Wheeler Drive, the project will mix townhomes, row houses and detached single-family homes under a long-running Planned Unit Development master plan on the town’s books.
Deal details and timeline
According to Northmarq, the site traded hands in an off-market deal that closed for $4.75 million, with Mungo Homes listed as the buyer. The brokerage reports that the roughly 35.3-acre tract at 8537 Lake Wheeler Drive will be carved into 119 residential lots: 60 townhomes, 25 row homes and 34 detached single-family houses. Northmarq notes that horizontal site work and infrastructure construction are expected to kick off in the coming weeks.
Where it will sit
As laid out in the Town of Fuquay-Varina master-plan amendment, Arbor Preserve is recorded as a Planned Unit Development covering about 34.8 acres, with roughly 9.7 acres reserved as open space. The town document shows the original master plan winning approval on May 3, 2022, then receiving a revision in February 2025, and it lists TriPointe Homes as the earlier applicant on record. With the parcel tucked near the 540 loop and U.S. 401, future residents would be a short drive from area shopping, parks and major commute routes.
About the builder
Mungo Homes is a long-established Southeast homebuilder headquartered in Irmo, South Carolina, and its website lists Raleigh/Durham among its active markets, along with local community news. In 2018, Mungo joined Clayton Properties Group, a Berkshire Hathaway company, a move that Clayton said expanded the builder’s reach and purchasing power.
Why developers want this site
Northmarq summed up the deal by saying, “We’re thrilled to bring these two parties together,” and the brokerage points out that sites with quick highway access and nearby recreation remain hot tickets for suburban townhome product. That mix of location and scale is a big part of why builders continue to chase land wrapped around the 540 loop.
What to watch next
As first reported by the Triangle Business Journal, town officials and neighbors should see initial site work begin soon, followed by permitting and infrastructure buildout. If the project tracks typical timelines for mixed communities of this size, buyers may start seeing model homes and a sales office within months after roads and utilities are in place. Coverage will be updated as Mungo releases timing and pricing details for Arbor Preserve.
