Surprised it hasn’t been picked up anywhere yet but the peace apartments at Smokey hollow have been sold. They are being rebranded as the Cortland Glenwood South.
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I checked the Wake County property records when somebody mentioned this last week. If this is indeed a sale, and not something like a management contract, then it wasn’t showing up yet.
If it’s a sale, then Kane is recapitalizing to move forward with something else - most likely the next phase(s) up at North Hills.
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Was the Advanced Auto Parts Tower still Kane owned? As that just sold as well. Was sold to our pals at Highwoods.
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…“Cool” - lmao, I’ll never understand the need to “rebrand” a damn apartment building. Just buy it and shut up 
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I live there. Was very surprised to come home one day to all-new branding. Kane was, honestly, a really really good apartment manager. Hopefully these new people measure up.
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Yeah I’m assuming sale as I doubt Kane would stop managing it if not.
Conversely Kane was a terrible property manager at Skyhouse (replacing Ram that was terrific). Anyone good was moved to a property they owned leaving only dregs and newbies. Hear they have new management now but Skyhouse continues to go downhill.
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Is there any Skyhouse that is managed well? The ones in Charlotte are having a lot of issues.
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All the sky house buildings have become junky. The ones in Charlotte and Atlanta are renown for having gone massively down hill.
They are totally McTowers, and like their single family cousins, they are proving to be less than stellar buildings as they age.
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Looking at the cheapest available units for Skyhouse and 511 Faye:
- Skyhouse – $1,021 for a 618 sqft studio ($1,114 w/ 1 mo. rent concession, assuming a 1yr lease). $1.65/sqft
- 511 Faye – $1,237 for a 500 sqft studio (no mention of concessions on the site). $2.47/sqft
At a quick glance then, Faye is 50% more expensive per sqft.
Is Skyhouse a special case, or is it just the new-build/“luxury” housing of yesterday becoming the (little-a) affordable housing of tomorrow? 50% does seem like a big difference for only a 5-year difference in opening date. Then again, Skyhouse is twice as old as Faye (10yrs vs 5yrs). Maybe in 2030, as Faye’s facilities and finishings start to show signs of age and there’s an even newer and shinier residential building on the block, Faye will be in the same market posiiton that Skyhouse is in now?
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Other buildings newer than Skyhouse have not had rent drop quite so much in 10 years.
Having never set foot inside, what are the problems?
Location?
Management?
Maintenance?
Unit layouts?
Building design?
Construction quality?
Perhaps Kane is raising capital to start Downtown South?
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In a looming recession? I think it 2008 and 2020 all over again.
Wow, did not expect to see Raleigh’s rentals going for so much less than Durham’s.
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No surprise to anyone at the moment. Not only does Durham heavily invest in their downtown they also have Duke which is a massive generator of influence and wealth. Google is Durham because of so many Duke alumni at Google.
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Last I checked, Raleigh is building a fair few more units than Durham proportionally. Per this source, in 2023 Raleigh was new 33.4 units per 1k existing units, vs Durham’s 25.9, or about 30% more
https://constructioncoverage.com/research/cities-investing-most-in-new-housing
Raleigh was second only to Austin among large metro areas, and they have had a big fall-off in rent prices:
Apparently NC’s very own Wilmington is building the most units proportionally among ALL metros, with a whopping 42.5 units per 1k existing units! 
I had no idea
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“The Strand” (NH Park District), “Tributary” (NH Innovation District), as well as the next two buildings at Rockway (“Heath” and “Lynde Hill”) are some Kane projects that have been specifically announced, but to the best of my knowledge haven’t started construction yet.
I guess it could also be for some of the stuff they announced down at Downtown South, although they haven’t talked much about those plans since putting it all on hold back in 2023.
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The sky house location kind of sucks. Always tons of noise and loitering around there. Not super attractive compared to many other downtown buildings.
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There’s a lot less loitering now that DGX is gone. Won’t be surprised to see the area become more attractive in the summer.
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