$87.4 Million Community is One of Few New Midrise Projects in Raleigh
The joint venture between Origin Investments, Spandrel Development Partners, and Capital City Urban Development has completed the first phase of the 288-unit Mira Raleigh, a $87.4 million multifamily development at 121 Kindley St. on the southern edge of Raleigh’s Central Business District.
The seven-story, podium-style development features a mix of studio, one-and two-bedroom residences, averaging approximately 770 square feet of living space. This highly amenitized development provides residents with unparalleled skyline views of Raleigh, a variety of floor plans, a 24-hour fitness center and approximately 2,600 square feet of ground-floor shared office space.
“Mira Raleigh adds a luxury, mid-rise residential community to a market soon-to-be dominated by high-rise projects built with higher cost structures,” says Chris Neumann, Vice President of Origin Investments. “In this high growth area, the development is well positioned to offer an uncompromising lifestyle experience at a more cost-efficient price point, where the best of the city is at your doorstep.”
Among the community amenities are a hospitality-inspired lobby/lounge, a makers’ space with complimentary supplies and equipment, a club room with a chef’s kitchen and bar area, a multisport simulator, a sky lounge speakeasy with unobstructed skyline views, and a commercial-grade coworking facility. The apartment units are located on the upper five floors of the development. The remaining two floors house the development’s approximately 300 reserved parking spaces with EV charging stations in select spots.
On the interior, Mira Raleigh features up to 12′ ceilings, floor-to-ceiling windows, and expansive terraces. Additional unit finishes include various “smart” technology features, quartz countertops, premium stainless-steel appliances, double vanities, garden tubs, premium lighting and fixture packages, expansive closets, and custom desk nooks.
“We are excited to complete this pivotal phase of construction and see residents moving into the community,” said Ian Levine, Principal and Co-founder of Spandrel Development Partners. “With a unique design, full range of amenities, and walkable location, Mira Raleigh is a must-see for residents looking to connect their living space with the vibrant downtown business district.”
The development is located in proximity to Raleigh’s Fayetteville St. Corridor, the Triangle’s most dense urban employment hub, the city’s Warehouse District and the rapidly expanding Downtown South submarket. The area is surrounded by important future demand drivers, including employment hubs, retail, restaurant and entertainment properties and a variety of neighborhood amenities.
About Spandrel Development Partners
Spandrel Development Partners (Spandrel) is a multi-disciplined equity real estate development firm. Based upon its proprietary analysis, Spandrel pursues opportunities for conversion, capital improvement and ground-up development in targeted U.S. markets based on strong and thriving economic and demographic indicators. Currently focused on the multi-family, student, hospitality, industrial, and retail market segments, Spandrel leverages its principals’ decades of development and investment experience in the creation of long-term value. For more information, go to spandreldevelopment.com.
About Origin Investments
Origin Investments helps high-net-worth investors, family offices and clients of registered investment advisors protect and grow their wealth by providing tax-efficient real estate solutions. It is a private real estate manager that builds, buys and finances multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.8 billion in real estate transactions, and we are currently accepting new investors for our open IncomePlus Fund and Qualified Opportunity Zone III Fund. Origin Credit Advisers, our affiliated investment adviser, is also accepting investors for its open Strategic Credit Fund. To learn more, visit www.origininvestments.com.
