A Chicago real estate firm is gearing up to drop a major new student housing project into West Raleigh, right off the NC State corridor.
Peerless Development, based in Chicago, is preparing a seven-story, student-focused apartment building at 1523 Crest Road. Public filings describe the concept as several hundred units, and some reports put the total bed count at around 713, which would make this Peerless’s first project in North Carolina. Earlier this year, the city signed off on a rezoning that came with strings attached, including tenant-notice rules and a modest payment into Raleigh’s affordable housing fund.
According to the Triangle Business Journal, Peerless’s plan would deliver roughly 713 student beds at the Crest Road site. The developer’s own website pitches Peerless as a Chicago-based firm that specializes in multifamily and student housing, with a portfolio that already stretches across the Midwest and Southeast.
Rezoning and tenant protections
City planning documents for rezoning case Z-47-25 show that 1523 Crest Road was rezoned from RX-3 with a Special Residential Parking Overlay to RX-7-UL-CU. That move allows up to seven stories on the 2.66-acre property while capping principal dwelling units at 260…