Yahoo Finance $36.4M land deal: Developer buys 100-plus acres in Wake County. Here’s what’s coming
A developer has bought a large swath of land in Apex to bring “larger-scale offerings” to this fast-growing submarket.
Tri Pointe Homes confirmed it recently purchased 10 parcels of mostly wooded land — roughly 105 acres — off of Castleberry Road in western Wake County for $36.4 million.
It’s about a 13-minute drive east to downtown Apex, and about 33-minute drive east to downtown Raleigh.
The California-based firm plans to break ground on a 170-home luxury subdivision, called Castleberry Reserve, later this year.
“[This community] solidifies our position as a key player in this dynamic market,” James Flanagan, vice president of community experience, said in a release.
North Carolina continues to be one of the fastest-growing states. Tri Pointe is selling four communities in the Triangle alone, including Barlow in Raleigh and in Chatham Park in Pittsboro, and has another six projects in the pipeline.
Castleberry Reserve homes will be around 3,300 to 5,000 square feet, with “large kitchens, oversized windows and glass doors, outdoor living spaces, and exteriors with masonry accents,” the release stated. Amenities will include walking trails with access to the nearby American Tobacco Trail.
Sales are expected to begin in 2026.
Apex’s market
Native Americans from the Tuscarora tribe first inhabitated Apex before settlers incorporated the town in 1873, according to the town’s site. It’s situated at the highest point along a 30-mile section of the Chatham Railroad, hence the name “Apex.”
The population of Apex now tops 75,000, and demand for more housing remains high. The town estimates that by 2030, it could have over 120,000 people.
In August, Apex home prices were up 6% compared to last year, selling for a median price of $614,000, according to the latest Redfin data.
On average, homes in Apex sell after 21 days on the market compared to 34 days last year.
There were 77 homes sold in May this year, down from 127 last year.
