In 2022, a record 45,684 new residents arrived in Wake County, according to the U.S. Census Bureau. They may have come from elsewhere in North Carolina, the U.S., and the world. And they may have found their way to any number of Greater Raleigh neighborhoods and suburbs -- including Wake Forest. But common to all of them is the need for housing.
Few towns its size can boast of a more diverse housing stock than Wake Forest – from condos and townhomes to detached bungalows and sprawling country club manor homes.
Downtown Wake Forest’s housing stock is set to grow this year, and at price points that are appealing to an eclectic array of residents.
At 472 Wait Avenue, construction hums at Magnolia Square, one of two multi-family residential complexes underway by Stanley Martin Homes, the Reston, Va.-based developer of residences for buyers. The company’s portfolio of attractive properties stretches from Maryland to Florida, including Retreat at Renaissance, an attractive townhome community on Brooks Street at the other end of Downtown Wake Forest. Stanley Martin is also developing new multi-family residences at Grove 98 across Ligon Mill Road from Wegman’s.
Magnolia Square includes three buildings featuring two multi-story floor plans – the “Tessa” tops out at 1,800 sq. ft., while the larger “Julianne” runs in the 2,500 to 2,800 sq. ft. range. All units include a one-car garage. In late May, the company had contracts in hand on two units for $469,000 and $526,000, according to Jackie Elek, Land Entitlement Manager for Stanley Martin Homes in Raleigh. She anticipates that the owners will be able to move into their new condos by late summer or early fall.
Elek suspects Tessa models may appeal to apartment dwellers ready to own their residence. Empty nesters might find the most spacious Julianne units more appealing. “We don’t know what the market’s going to be,” she says. “What’s important is that we’re able to offer a really nice place at an affordable price.”
Magnolia Square features modern fixtures, high-quality finishes, and the latest appliances. But its real sell is the convenience it offers to downtown retailers, eateries, entertainment venues, co-working spaces, and other walk-to community attractions. “We’re using downtown as the amenities,” says Elek. Rather than splashy features like swimming pools, Stanley Martin is promoting Magnolia Square based on a lifestyle that homebuyers may be seeking. “It’s more about capturing people who want to be part of Wake Forest’s downtown community,” she says.
Elek’s company is also working on another condo complex only a few steps up Wait Avenue. That three-building property, Magnolia Trace, will sit along N. White Street behind CVS drugstore. It is being developed in two phases. Elek says Stanley Martin anticipates commencing construction of the initial phase this summer, once Town officials approve the company’s plans. “We’ll hopefully be able to start building in about a month,” she says.
Addressing the regional crisis in “missing middle” housing – a scarcity of any residential product between apartment complexes and single-family homes -- is among the objectives Chappell has set for the Forest on Franklin, a 12-unit townhome community at 601 S. Franklin Street. “We’re excited to deliver more Missing Middle Housing to the Triangle, this time in Downtown Wake Forest,” says Johnny Chappell, owner, and broker at Chappell. The company is now “powered” by Compass, the technology-rich residential sales and brokerage network.
Homes in the Forest on Franklin will begin in the $600,000 pricing level. They will feature a craftsman style – an intentionally familiar look and layout that aligns with an indoor/outdoor lifestyle. Three distinct floor plans range from three to four bedrooms and as many as four and a half bathrooms. Plans begin at 2,580 sq. ft. and can be as large as 2,800 sq. ft. All come with a two-car garage, and elevators are available as an option.
As of late May, pre-sales had not yet begun for homes at the Forest on Franklin, according to Ian Dunne, Raleigh-based chief marketing officer at Chappell. “We’re finalizing floor plans now,” Dunne says. “After that, we will fully launch this project and begin pre-sales.” He says the company is hoping that effort can commence this summer.
In addition to a look and feel familiar to Triangle’s buyers, Craftsman style also means local buildings and suppliers are brought in. “We’re not a national firm,” Dunne says. “Our builder partners are all local, especially for this project.” Triangle Residential Designs is handling the architecture with design input from Jenn Cobb of Verity Design Studio in downtown Raleigh. Concept 8 LLC, based in Apex, is Chappell’s construction partner.
Chappell has about 30 properties and projects across the Triangle. “And we’re working on more,” Dunne says. Rather than design and promote product around a specific homebuying demographic, the company instead focuses on delivering high-quality homes in growing communities. “There’s a charm and storybook feel in Wake Forest,” he says. “We’re excited to be part of it.”
A walkable downtown with an engaging vibe helps differentiate Wake Forest from other residential destinations. That same rationale accounts for why businesses are also moving here. Far from an automobile-reliant bedroom suburb, Wake Forest views retail amenities, and a growing, diversified housing market has twin pistons on a single engine. “I often hear the expression ‘retail follows rooftops,’ and that might be true in most suburban communities,” explains Jason Cannon, President of the Wake Forest Business & Industry Partnership. “Here, the two segments are developing in tandem with each other,” Cannon says.
Local retail and restaurant names as well as national chains look for growing residential populations when seeking new locations for their operations. But with the development of Magnolia Square, Magnolia Trace, and the Forest on Franklin, a synergy is now evident. “We have innovative residential development going where there are amenities already in place within walking distance,” Cannon says. “That’s very solid evidence that the Town’s vision for balanced, diversified economic growth is reaching escape velocity.”
