A joint venture between PCCP and Advenir Azora has announced the ground-up development of Leo at Wendell, a 206-unit, cottage-style built-for-rent (BFR) community located at 313 Old Battle Bridge Road in Wendell, North Carolina.
The Class A, gated community will include a mix one- and two-bedroom duplexes, two-bedroom cottages, and two- and three-bedroom townhomes, with an average size of 1,140 square feet (sf) allowing the property to cater to a wide variety of renters. Interior finishes will include luxury vinyl plank flooring, vaulted ceilings, stainless steel appliances, quartz countertops, tile backsplashes in the kitchen, undermount sinks in the kitchen and bathrooms, smart locks, and private fenced yards.
On site amenities will include a 2,500-sf clubhouse/leasing center with a large conference room and coffee bar for residents, a 1,500-sfs gym with an exterior area that will be turfed for outdoor exercises, and a large Olympic-style swimming pool surrounded by gazebos and chairs. There will also be multiple shared spaces and green areas, including a pickleball court, pocket parks, walking trails, pocket playgrounds, gazebos, and dog parks, scattered throughout the development. Leo at Wendell will have 375 parking spaces, including 24 for-rent garages, surface parking located throughout the site, and parallel parking along the streets.
“We are pleased to partner with Advenir Azora to develop what we believe to be a well-conceived, high-quality, cottage-style community,” said Andrew Barbakoff with PCCP. “Leo at Wendell is located in an affluent, desirable location that is poised to continue experiencing strong job and population growth.”
“Advenir Azora is thrilled to partner with PCCP, a firm with a shared vision for quality rental housing and execution,” said Matt Vecchitto with Advenir Azora. “We believe LEO at Wendell stands as a testament to our confidence in the macro fundamentals supporting built-to-rent, particularly in Wendell’s robust growth market, which is poised for exceptional performance in the years to come.”
Leo at Wendell is within one of the region’s major paths of growth given East Raleigh’s relative affordability compared to the southwest Wake County suburbs of Apex and Cary, without sacrificing commute times to the major employment centers such as Research Triangle Park (the largest science park in the country with over 300 companies), downtown Raleigh, and downtown Durham. Additionally, the property is located less than three miles from North Carolina’s top-performing master-planning community, Wendell Falls which includes 4,000 homes, 237 acres of open, public parkland, 10-plus miles of walking trails, and a 105,000-sf retail city center.
About PCCP: PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.2 billion in assets under management on behalf of institutional investors as of June 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $41.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
About Advenir Azora: Advenir Azora is a leading real estate investment company specializing in the acquisition, development, and management of multifamily and single-family rental communities across the United States. Since its founding in 1996, Advenir Azora, through its in-house brand, Advenir Azora Living, has operated over 30,000 units across the U.S. valued at more than $5bn. Advenir Azora’s active portfolio includes more than 12,200 multi-family and single-family rental units. The firm is also a pioneer in the single-family build-to-rent (BTR) sector, with a portfolio of over 4,700 BTR units owned or under development, and a significant pipeline of future projects.
