± 212 CONTIGUOUS ACRES: NEUSE RIVER-ADJACENT RESIDENTIAL AND COMMERCIAL OPPORTUNITY IN THE SOUGHT-AFTER NORTH RALEIGH AREA BUFFALOE R E S E R V E DOWNTOWN RALEIGH 15 minute drive 540 BUFFALOE RD BUFFALOE RD 401
±212 CONTIGUOUS ACRES: NEUSE RIVER-ADJACENT RESIDENTIAL AND COMMERCIAL OPPORTUNITY IN THE SOUGHT-AFTER NORTH RALEIGH AREA
B U F FA LO E R E S E R V EB U F FA LO E R E S E R V E
D O W N T O W N R A L E I G H 15 minute drive
540
BUFFALOE RD
BUFFALOE RD
401
2 | EXECUTIVE SUMMARY
THE IN V E S TMENT OPPORTUNIT Y±212 contiguous acres: Neuse River-adjacent residential and commercial opportunity in the sought-after North Raleigh area
Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for Buffaloe Reserve (the “Property”), a +/- 212 gross acre residential and commercial development opportunity in the fast-growing, highly sought-after North Raleigh area of the Triangle region. The Property is a unique offering with approximately 2,018’ of frontage along the Neuse River as well as 2,906’ of frontage along I-540 – and is one of the largest undeveloped single-ownership parcels remaining in Wake County.
The immediate area has experienced significant single-family growth in the past severalyears, with successful communities such as 5401 North ($200,000 to $600,000+ homes), Belmont ($350,000 to $400,000+ homes), and Townes at Stoneridge ( Under Construction) achieving strong pricing and robust absorption. Additionally, there has been limited multifamily development in the immediate area, while there is ample demand for more product.
E X E C U T I V E S U M M A R Y
PROPERTY DETAILSAddress 6515 Buffaloe Road, Raleigh, NC 27616
Wake County PINs 1736764233, 1736453588, 1736844773
Municipality City of Raleigh
Gross Acreage ±212 acres
Net Buildable Acreage (approx.)
±180.14 (due to USGS stream impacts, and net of land dedicated for greenway use)
Frontages (approx.) 2,906' I-540 2,018' Neuse River
Current Zoning (Raleigh) RX-3-CU, OX-5-CU, CX-5-CU, NX-3-CUConditional Use documents are available in the JLL doc center
Current Usage Vacant, wooded land
Availability Available immediately
Pricing Unpriced
BUFFALOE RESERVE
74,000 VPD74,000 VPD
41,0
00 V
PD
41,0
00 V
PD
540
401
BUFFALOE RESERVE | 3
DOWNTOWN R ALEIGH15-minute drive
BUFFALOE RESERVE
BUFFALOE ROAD ATHLETIC PARK
BUFFALOE ROADBUFFALOE ROAD3,000 VPD
3,000 VPD
74,000 VPD74,000 VPD
41,0
00 V
PD
41,0
00 V
PD
Homes from $350,000+
THE OASISHomes from $300,000 - $400,000
LEVEL AT 401$1,065 average rents
BRINLEY MANOR Homes from
$310,000 - $400,000
STONE RIDGEHomes from $250,000 - $300,000+
NEUSE RIVER
5401 NORTH1,400 residential units
400 acresPlanned for 1.6MSF commercial space
Homes from $200,000 - $600,000+
WAKE TECHNICAL COMMUNITY COLLEGE North campus127 acres
540
401
540
Homes from $284,000+
LANDOVER HOMESHomes from
$200,000 - $380,000+
TOWNES AT STONERIDGERyan Homes - 106 Townhomes
NEUSE RIVER TR AILRaleigh Greenway
RIVERWALK TOWNHOMESLGI Homes - Townhomes from
$170,000+
40
40
40
40
440
440
440
495
87
540
540
540
540
40
40
8586
86
751
751
751
751
751
540
55
55
55
55
147
1621
1600
540
54
54
54
147
54
54
54
9898
98
98
50
50
1613
1613
50
70
501
15
15
70
70
70
401
401
70
401
1
1
1
1
1
1
501
501
501
Durham
Fwy
Durham
Fwy
Northern Wake ExpyNorthern Wake Expy
US Hwy 64US Hwy 64
Glenwood Ave
Glenwood Ave
Claude E. Pope Memorial Hwy
Claude E. Pope Memorial Hwy
Wade AveWade Ave
McD
owell
St
McD
owell
St
Ford
ham
Blv
dFo
rdha
m B
lvd
Chape l H
ill RdC
hape l Hill Rd
Raleigh-DurhamInternational Airport
Raleigh-DurhamInternational Airport
Research Triangle Park
Research Triangle Park
D O W N T O W NR A L E I G H
D O W N T O W NR A L E I G H
D O W N T O W NR A L E I G H
C A R YC A R YC A R Y
C H A P E L H I L LC H A P E L H I L LC H A P E L H I L L
D U R H A MD U R H A MD U R H A M
N O R T H H I L L S
N O R T H H I L L S
N O R T H H I L L S
R A D I US 3-Mile 5-Mile 7-Mile
2018 Population 63,500 154,763 283,958
Census Population (2000) 53,974 131,837 238,406
Historical Population CAGR (2010-2018) 2.2% 2.2% 2.4%
Avg Household Income $81,871 $89,331 $94,833
% White Collar Workers 67.5% 69.8% 71.5%
% College or Higher Education 70.2% 72.3% 74.0%
Avg. Household Size 3.3 3.3 3.2
Median Age 33.3 35.2 35.8
A R E A D E M O G R A P H I C S
B U F FA L O E R E S E R V E
DESIRABLE NORTH RALEIGH LIFESTYLE
Known as well-heeled residential enclaves with extensive executive housing, the North Raleigh area attracts residents with a desirable, amenitized lifestyle due to an easy commute to the Triangle’s large employment nodes, well-ranked public and private schools, and ample nearby parks, greenway access, proximity to the Neuse River, and recreational facilities.
STRONG SURROUNDING DEMOGRAPHICS
The Property is able to tap into impressive demographics in a three-mile radius with an average annual household income of $81,871, 68% of the population comprised of white-collar workers, and 70% college or higher educational attainment with strong concentrations of young professionals, families, and retirees.
Source: Regis
No 2
No 1
No 2
3.3%
BEST PLACE TO LIVEMoney Magazine
AMERICAN CITIES OF THE FUTURE
Financial Times
TOP 10 CITIES FOR TECH JOBS
Fast Company
UNEMPLOYMENT RATE
T R I A N G L E T O W N C E N T E R
C R A B T R E E V A L L E Y M A L L
4 | EXECUTIVE SUMMARY
540
401
1
40440 495
1
3
2
4
9
8
5
6
7
10
S Buffaloe Reserve
1 Wake Technical Community College: North Wake Campus
2 Mallinckrodt & Xellia Pharmaceuticals
3 Eaton Corporation
4 Xerox Services, Liposcience, Bosch
5 Duke Raleigh Hospital
6 NC Department of Health & Human Services
7 Merz North America (HQ)
8 The Forum: Genworth, Applied Research
9 WakeMed Hospital
10 UNC REX Hospital
NORTH HILLS
RESEARCH TRIANGLE PARK
NC STATE UNIVERSITY
DOWNTOWN RALEIGH
HIGHWOODS OFFICE PARK
Advance Auto (HQ, 2021), CapTrust, Bank of America, SunTrust, Allscripts, KPMG
200+ Global firms, 55,000+ jobs
Red Hat/IBM, State of North Carolina, Citrix, Duke Energy
34,000+ students8,500+ faculty/staff
Highwoods REIT (HQ), WakeMed (corporate), NC State Treasurer
STRONG CONNEC TIVIT Y TO MA JOR EMPLOYMENT CENTERS
The Property is well-located near key east-west regional connector I-540 and north-south connectivity from both U.S. Highway 401/Louisburg Road and U.S. Highway 1/Capital Boulevard within three minutes. Situated within 20 minutes of the Raleigh-Durham market’s largest employment nodes, the Property has convenient access to:
• Burgeoning tech hub Downtown Raleigh (45,000+ jobs): Red Hat, Citrix, Duke Energy, NC State Capitol
• Globally recognized R&D-focused Research Triangle Park (55,000+ workers): IBM, Cisco, Fidelity Investments
• Renowned Tier 1 North Carolina State University (34,000+ students/8,500+ faculty/staff)
• Live-work-play North Hills (7,000+ employees): Bank of America, SunTrust, Allscripts, KPMG, CapTrust
S
BUFFALOE RESERVE | 5
BUFFALOE RESERVE
41,000 VPD41,000 VPD
NEUSE RIVER TR AILRaleigh Greenway
74,000 VPD
74,000 VPD
WAKE TECHNICAL COMMUNITY COLLEGE
North campus127 acres
TRIANGLE TOWN CENTER MALL 1.2MSF
BUFFALOE ROADBUFFALOE ROAD
LEVEL AT 401
THE OASISHomes from $300,000 - $400,000
STONE RIDGEHomes from $250,000 - $300,000+
NEUSE RIVER
5401 NORTH1,400 residential units400 acresPlanned for 1.6MSF commercial spaceHomes from $200,000 - $600,000+
540
401
JOHN [email protected]
TRAVIS ANDERSONSenior Managing [email protected]
HUNTER BARRON Senior Director704 526 [email protected]
GARRICK WIERAnalyst704 526 [email protected]
SARAH GODWINDirector919 573 [email protected]
INVESTMENT ADVISORS ANALYSTS STRUCTURED FINANCE
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding
opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune
500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
ROGER EDWARDSManaging [email protected]
ALEXIS KAISERAnalyst704 526 [email protected]
201 NORTH TRYON STREET | SUITE 1400 | CHARLOTTE, NORTH CAROLINA | 28202
4509 CREEDMOOR RD | SUITE 300 | RALEIGH, NORTH CAROLINA | 27612
RIVER WALK TOWNHOMES
Under Construction
TOWNES AT STONERIDGEProposed development
108 Townhome