Raleigh’s Litchford 315 apartment projects fully stabilized by end of 2021
Drucker + Falk rents 70% of community in under six months and floor plan unit types increased up to 15% from pro forma
RALEIGH, North Carolina, December 28, 2021 / PRNewswire-PRWeb / – Litchford 315, a class A community in Raleigh, North Carolina, invites you home with its modernized interior finishes, stainless steel appliances, sleek natural stone countertops, resident clubhouse, resort-style swimming pool, state-of-the-art fitness center with a Adjoining private training area featuring an interactive MIRROR fitness center, fully fenced dog park and complex, and much more. Offering one, two and three bedroom floor plans with contemporary and stylish features, Litchford 315 is located close to modern-inspired cafes, pubs, restaurants, art and outdoor activities , and has over 14 acres of beautifully landscaped grounds.
DF Multifamily, a division of Drucker + Falk (DF), one of the largest multi-family management companies in the country, not only took over the management of Litchford 315, but was also involved in the pre-construction and design period as well as the pre-construction efforts. rental. DF has joined forces with Raleigh, North Carolina-based Dewitt Carolines, Inc., a real estate development company with 25 years of experience building large-scale residential and commercial properties and, over the past 40 years, has developed over 2,500 multi-family units in the Carolinas. Litchford 315 points the third new development DF has managed for Dewitt in the past five years.
Pre-rental activity turned out to be record-breaking, with over 70% of new apartments rented in the first six months and predicting that the community will be 100% let by the end of 2021, less than nine months after the start of the year. ‘opening. in spring 2021. Pro forma rents, which were at or above competitive market rates, were increased by up to 15% on several types of floor plan units, exceeding the owner’s pro forma budget.
Kellie falk, Managing Director of DF, said: âWe are both honored and excited to start renting yet another breathtaking apartment community for our partner clients at Dewitt Carolinas. As we always strive for optimal results for our clients, I applaud our amazing DF team on the success this rental has taken and we have also heard the same feedback from our client. “
Everett Daniels, President, Dewitt Carolinas, Inc said: âWe are delighted with the opportunity to work again with Drucker + Falk to lease and manage the luxurious Litchford 315, a wonderful living option for the people of Raleigh. The success thus seen at Litchford 315 is a demonstration of the confidence DeWitt has in the DF teams. We look forward to continued rental and management successes and the advancement of our relationship with Drucker + Falk. “
ABOUT DRUCKER + FALK
Founded in 1938, Drucker + Falk is a full-service real estate and investment firm, managing a diverse portfolio of more than 40,000 apartments in 11 states, including Virginia, Maryland, North Carolina, Caroline from the south, Georgia, Florida, Tennessee, Indiana, Kentucky, Ohio, and Texas. With roots in third party fee management, Drucker + Falk specializes in multi-family management of all types of assets, consultation and leasing of new developments, urban revitalization, asset repositioning and stabilization of assets. difficult properties, mixed-use management and due diligence services. With over 3 million square feet under management, Drucker + Falk also offers commercial sales, rental and management services.
Amanda mccrowell, Drucker + Falk, 757-406-1187, [email protected]
SOURCE Drucker + Falk