National real estate firm Pratum Cos. and non-profit affordable housing developer DHIC have successfully launched three new affordable housing communities in North Carolina’s Research Triangle. The projects, collectively offering over 450 units, are located in Apex, Raleigh, and Durham. The properties include:
- Stone Glen: 164 units
- Milner Commons: 156 units
- Hardee Street: 132 units
Addressing Affordable Housing Challenges
Despite the strong initial launch of Stone Glen, Pratum Cos. noted slower-than-expected demand for its Area Median Income (AMI) units. Donna Walker, Executive Vice President of Operations at Pratum Cos., explained the hurdles in occupancy rates and revenue targets: “Demand for some of the AMI units did not meet projections, creating concerns around occupancy rates and revenue targets,” she said. In response, Pratum expanded its outreach, collaborating with local housing authorities, businesses, first responders, government bodies, and state agencies, while enhancing digital marketing efforts.