Madison Capital Group Secures $34.3 Million Financing for Luxury Multifamily Development in the Research Triangle

Charlotte, N.C. (Sept. 12, 2024) — Madison Capital Group has closed $34,265,000 in financing for the development of Madison Aquiline, a luxury garden-style multifamily community located within the Research Triangle, which spans Raleigh, Durham and Chapel Hill.

Planned by Madison Capital Group's affiliate Madison Communities , the project will consist of 218 units,with high-end amenities such as granite countertops, an integrated clubhouse with a state-of-the-art fitness center and a resort-style pool and pool deck complete with grilling stations and a fire pit. Additional features will include a café island with a wet bar, a cyber lounge, flexible workspaces and a coffee bar, ensuring residents enjoy a full range of luxury and convenience.

"Madison Aquiline will provide an exceptional living experience by combining luxury, convenience and access to both small-town charm and the dynamic job market of the Raleigh-Durham area," said Ryan Hanks , CEO of Madison Capital Group. "The growth of the Research Triangle, particularly in Apex, makes this an ideal location for our next multifamily development."

The financing, provided by @centennial bank Centennial Bank, will fund the multifamily component adjacent to the large Veridea development, which encompasses a 1,000+ acre, $3 billion mixed-use development. In addition to Madison Aquiline, the master-planned development will include 1,100 single-family homes and townhouses, 750,000 square feet of space for life sciences, education and logistics, an elementary school, and a new campus for Wake Technical Community College.

The development will offer residents access to the small-town charm of Apex's town center and the broader job market and amenities of the Raleigh-Durham metropolitan area. Apex's main street is known for its array of local pubs, restaurants, art galleries and boutiques, providing a traditional small-town atmosphere within reach of one of the nation's fastest-growing regions.

The Research Triangle continues to see significant population and economic growth. Wake County, now the most populous county in North Carolina, has seen unemployment fall to 3.8%, with employment levels surpassing pre-pandemic numbers.

The Raleigh-Durham area remains a hotspot for growth, with neighboring towns like Cary experiencing a 34% population increase between 2010 and 2022. Apex, in particular, has experienced unprecedented growth, with a 90% increase in population since 2010, adding approximately 33,600 new residents during that time.

Warren Johnson and Travis Anderson with 仲量联行 represented Madison Capital Group.

About Madison Communities

Madison Communities is an affiliated company of Madison Capital Group, a vertically integrated real estate development and investment firm focused on building high-quality, suburban, garden-style apartment communities throughout the Southeast. For more information, visit livemadisoncommunities.com.