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Joint venture begins groundbreaking on 115-acre Northlake in Wake Forest’s master-planned community Holding Village
WAKE FOREST, N.C. – SEPTEMBER 16, 2020: Reader Communities, a master-planned community development firm, has officially broken ground on Northlake. Situated just to the north of Holding Lake in the master-planned community Holding Village, Northlake will feature 331 single family homes and townhomes and 320 apartments. The 115-acre Northlake will be jointly developed in partnership with Hillwood Communities, a Perot company that specializes in real estate investing and creating master-planned developments and Woodfield Development who will build the apartments. Northlake is Hillwood’s first community development in North Carolina. Sales on single family homes are slated to begin at the end of 2021.
“As one of the southeast’s leading master-planned developers, Reader Communities is extremely proud to be developing Northlake in partnership with Hillwood. This is our second development together and their dedication to creating communities with a spirit of bringing people together reflects our own. This partnership will help guide the final phase of Holding Village and make this community one of the best master-planned communities in the south,” said Dean Barberree, president of Reader Communities.
Future homeowners can look forward to a two-acre park nestled around the properties historic silos from the Holding family dairy, green spaces, pocket parks and easy access to the Smith Creek Greenway trail system. One of the most unique features is 15-acre Holding Lake allowing residents to enjoy fishing, kayaking, paddle boarding or simply watching the sunset. Future plans include a new amenity building that will inspire space for community events next to the current resort-style pool multi-family residents will enjoy their own unique amenities.
“We’re excited to be part of a project that will be positive for both current and future residents. Reader’s team has a long-standing track record of developing high-quality master planned communities. We believe that our first community development in North Carolina will reflect our own standards in creating inspired communities and that makes us excited to be part of this project,” said Danny Ellis, sr. vice president of Hillwood.
The apartment-homes will be developed by Woodfield Development, a developer of Class A multi-family and mixed-use assets in neighborhoods, towns and cities along the eastern seaboard of the United States. The first apartments are planned for completion in spring 2022. Woodfield has partnered with GrayCo, Inc. and First Horizon Bank to capitalize the project.
“We are excited to be introducing a premier apartment community in the heart of the newest Holding Village development in Wake Forest,” said Scott Underwood, partner with Woodfield Development. “These 320 apartment homes will fit well into the mix of homes already within the community and offer a lifestyle choice that is in high demand. Every Woodfield community is an investment that matters. Our tenured team creates lasting value through a business model based on creativity, knowledge, and partnerships built over time.”
About Reader Communities:
With offices in Orlando and Raleigh, Reader Communities is a master-planned community development firm specializing in the acquisition, entitlement, development and disposition of mixed-use and residential land assets. Reader Communities was founded in 2011 as a successor to the land division of Charlotte, N.C.-based Crosland. In over just nine years, Reader Communities has developed more than 7,500 residential lots across the Southeast in both primary and active-adult communities totaling more than $500 million. Reader has actively managed land assets on behalf of a number of institutional funds and has provided advisory and consulting services nationally. The company’s specific focus is to organize the structure and placement of the horizontal development program to maximize the vertical opportunities within each project. For more information, please visit www.readercommunities.com.
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve.
Through its Communities division, Hillwood has delivered more than 29,000 single-family lots in 90 master-planned communities across 13 states and two countries. These communities continue to raise the bar in terms of quality, innovation, and the unmistakable sense of community that sets each property apart. In addition to owning and managing its own developments, Hillwood Communities also invests with other developers who have compatible philosophies and experience creating residential communities. For more information, please visit http://www.hillwoodcommunities.com.
About Woodfield Development:
Founded in 2005 in the Carolinas and metro D.C., Woodfield Development sources and develops Class A multi-family and mixed-use assets in neighborhoods, towns and cities along the eastern seaboard of the United States. Woodfield was built on the depth of experience of the principals, Mike Underwood and Greg Bonifield, as well as on their tight focus on the development of luxury apartment communities. Woodfield has charted its own path by leveraging local knowledge and relationships in each community, and creating a model that is time-tested with profitable results for investors. For more information, please visit https://woodfielddevelopment.net/.