Raleigh breaks ground on new affordable housing complex
A 200-unit affordable housing community called Chapanoke has begun construction in Raleigh, North Carolina, under a public-private partnership. Gilbane Development, Harmony Housing Affordable Development Inc. and F7 International Development lead the project, which broke ground in July and is scheduled for completion in early 2028. Site work on Chapanoke began at the nearly 6-acre site in July. The 5.9-acre site at 326 Chapanoke Road will feature 66 one-bedroom, 86 two-bedroom and 48 three-bedroom apartments, along with 10,000 square feet of retail space.
The development will serve households earning between 30 percent and 70 percent of the area median income. Funding comes from a combination of tax credit equity, private financing and local public investment. The project’s capital stack consists of a public-private financing structure. Greystone Real Estate Capital provides Low-Income Housing Tax Credit equity, while Greystone Housing Impact Investors LP and Citi Community Capital are supporting the development through construction and permanent financing. Wake County and the City of Raleigh are contributing subordinate public financing, including $7.1 million in gap financing from Wake County.
The location sits next to Wake Technical Community College’s Public Safety Education campus, which was donated to the county in 2021, and is near the planned Southern Wake Bus Rapid Transit corridor, which will connect downtown Raleigh to North South Station and Purser Drive in Garner, an industrial and commercial corridor.
Raleigh’s housing market remains supply-constrained, with population and employment growth increasing pressure on housing supply and costs. Chapanoke joins other recent affordable housing projects in the region that use similar public-private approaches.
Developers in Raleigh brought 2,157 units online through April 2026, according to Yardi Matrix. However, construction starts were down 47 percent compared to the same period in 2025. The Raleigh-Durham investment sales market recorded $195 million in transactions during the first four months of the year, Yardi Matrix reported. In early September, Collins Crossing, a 268-unit multifamily community within the Chapel Hill submarket of Carrboro, changed hands, with Walde Enterprises acquiring the asset from Laramar Group for $31.5 million. In August, Wood Partners and Marcus Partners started construction on Alterra Heights, a 280-unit, Class A multifamily project in Apex. The development is slated to deliver in late 2027.
