DRP breaks ground on apartment development in Booming Area of Lee County
Dominion Realty Partners is bringing 300 units to growing Sanford, NC
Dominion Realty Partners (DRP) is proud to announce they broken ground on their latest multi-family development project, Tramway Place Apartments. Tramway Place will consist of 300 apartment units located at the intersection of US-1 and Tramway Road in Sanford, NC. DRP is partnering with New York based asset management firm Bluerock.
The 24.7-acre community lies just off Jefferson Davis Highway (US-1), at the intersection of Tramway Road. Just 45 miles from Downtown Raleigh and 25 miles from Pinehurst, Sanford (Lee County) has evolved into a hotspot for economic and population growth. With other recent economic development announcements in neighboring Chatham County, Sanford is well positioned to capitalize on the projected population growth these new projects will create for the region.
“This site is a great case study in the changing dynamics and boundaries of our market. Sanford has been on our radar for some time now, we have just been waiting for the right site. As the Triangle region continues to grow, the inventory of “infill” land continues to dwindle, and we have started to focus on some of the ancillary markets that surround and support the Triangle” says DRP Principal Chris Carlino. “Our goal here is to be able to provide market-rate housing inventory to an area that has not historically had a ton of apartment development, a factor that we believe historically might have limited economic development opportunities for the County.”
The community will offer high-end, energy efficient, and smart apartment units. The unit finishes include quartz countertops, balconies with sliding glass doors, nest thermostats, and keyless unit entry. Additional community amenities include a large resort style pool and green activity lawn, automated package delivery system, state of the art exercise facility with interactive fitness class studio, and club/game room.
The DRP team will be partnering with the CPW Development Partners, LLC and Rhetson Companies, Inc. of West End in Moore County. The Rhetson team has completed several projects in Lee County over the years and together with George R. Perkins Jr. of Perkins Investments, LLC, are currently building out the surrounding retail outparcels with First Health, Starbucks, Ace Hardware, and Dairi-O.
Sanford native and local entrepreneur & businessman, Robin Perkins, was also involved in the sale of the land and will remain a partner in the development. His participation played a vital role in working with the Town of Sanford.
“It is really amazing to see the amount of growth that Sanford [Lee County] has experienced and will continue to experience over the coming years and I am proud and excited to be a part of that” says Perkins. “With all the job announcements and the projected continued growth, it is important for us to also be able to provide rental housing solutions to these current and future employees” says Perkins.
Like all DRP developments, Tramway Place Apartments will include extensive green and sustainable elements and will obtain a green designation from the National Association of Home Builders (“NAHB”). Dominion Realty Partners, LLC has a long history in the Triangle market with recent projects including The Residences at Shiloh Crossing, Crabtree Lakeside, FNB Tower, Slater Crossing, Everly on 401, Atlantic Springs Place Apartments and Peterson Station. DRP’s roots in the Triangle extend past just multifamily, having developed 12 office projects since 2008. DRP currently has 13 multifamily communities under construction or in lease-up through the Southeast, with four in the Triangle, three in Charlotte, one in Greenville, SC, and two in both Richmond and Charlottesville Virginia, including the recently broken-ground 29N Apartments, that includes 318 units and 72 for-sale townhomes along Highway 29 in Charlottesville.
The development will create approximately 350 jobs through the construction process, adding to previous DRP projects that have created in excess of an estimated 30,500 jobs across Virginia and North Carolina since 2006.
Ameris Bank will provide construction financing for the project. The project was designed by Rule Joy Trammell & Rubio and Priest Craven & Associates provided civil design services.
Sanford based Carolina Commercial Contractors will be the general contractor for the project.
About Dominion Realty Partners, LLC
Collectively the DRP team has completed over $3 billion in development and acquisitions over 81 projects with a focus on multifamily, office and mixed use that combine these two product types. DRP currently has over $840 million in multifamily development under construction or in lease up throughout the Southeast with another $500 million in pre-development and has developed approximately 7,500 multifamily units and 4 million square feet of commercial space. DRP is dedicated to developing high-quality, yet environmentally sensitive properties throughout the Southeast & Mid-Atlantic having completed 35 green certified projects, including eight Gold LEED and one LEED Platinum, one LEED certified, three Green Globe certified and 22 NAHB certifications. DRP was recently recognized as a 2024 NGBS Partner of Excellence for their unwavering commitment to building high-performance, sustainable homes. Additionally, the team ranked 7th among Top Multifamily Clients for NGBS Green Certification Activity.
It is the goal of the DRP team to be a model corporate citizen by utilizing resources efficiently and being environmentally aware and responsible.