South Raleigh is about to get 200 income-restricted apartments, 10,000 square feet of retail and a new development tied to the region’s expanding transit plans. The $93 million Chapanoke project has closed its financing and site work is underway, with residents expected in 2028.
Raleigh Community Partners, a public-private partnership involving Harmony Housing Affordable Development, Gilbane Development and F7 International Development, has completed the financing for Chapanoke. According to Multi-Housing News, the deal includes low-income housing tax credit equity and a construction loan from Greystone, permanent debt from Citi, and subordinate public loans from Wake County and Raleigh.
The financing will support a mix of one-, two- and three-bedroom apartments aimed at households earning 30%, 50%, 60% and 70% of the area median income. State financing documents from the North Carolina State Treasurer’s Office list 66 one-bedroom units, 86 two-bedroom units and 48 three-bedroom units for the 200-unit development.
The project’s zoning framework limits the property to 200 homes and no more than 12,000 square feet of commercial space. The City of Raleigh’s rezoning documents describe the site as a mixed-use development intended to add affordable housing while allowing retail and other neighborhood-serving uses.
Chapanoke Is Positioned Near Raleigh’s Southern BRT Corridor
The nearly 6-acre property was formerly associated with Wake Technical Community College before being donated to Wake County in 2021. It is also near the future Southern Wake Bus Rapid Transit corridor, which will connect downtown Raleigh with Garner, as Multi-Housing News reported.
The transit connection is still being designed, but the City of Raleigh says the Southern Corridor’s 30% design phase is complete. The planned route is intended to provide faster, more reliable service between Raleigh and Garner, adding a transportation link to a project designed for lower-income households.
Chapanoke arrives as Raleigh’s housing strategy is putting renewed emphasis on creating and preserving income-restricted rentals. The city’s 2026–2030 affordable housing plan calls the affordability and homelessness situation urgent and says the city is combining public funding, land and private development to expand the supply.
For South Raleigh, the immediate milestone is less flashy than a ribbon-cutting but more consequential: the financing is in place and construction activity has begun. If the schedule holds, Chapanoke will deliver 200 affordable homes and new retail space in 2028, close to a future high-capacity transit route.
