One of the last remaining tracts of undeveloped land inside the Raleigh Beltline sold to a luxury homebuilder, putting into play a development that will test high-net-worth individuals' appetite for high-end houses when pending home sales have hit an all-time low.
Apex-based Loyd Builders paid a premium — over $1 million an acre — to acquire the nearly 10-acre lot near the historic Five Points district, the award-winning North Hills mixed-use development, the Carolina Country Club and the popular Village District shopping center. The company plans to develop the Revere, an 11-home neighborhood whose custom-built houses will start at $4.5 million, according to the company's website.
The sale of the wooded lot earned a 2025 CoStar Impact Award for sale/acquisition of the year in Raleigh, with a panel of industry professionals citing the complexities tied to the deal, including technical and political hurdles, as well as the buyer's ability to balance stakeholders' interests that resulted in the project receiving broad community support.
"This deal highlights the importance of adaptability, collaboration, and a commitment to finding creative solutions," the panel said.
Despite a larger pullback of home sales nationally amid elevated interest rates, limited inventory and sticky home prices, the company has found success with projects around the $5 million mark, Tripp Loyd, founder of Loyd Builders, told the News & Observer in July.
“This price point seems to be doing well for us,” he told the outlet, noting that one of the builder's other projects, the Shadow Creek Estates in North Raleigh, had sold 26 of 31 lots with an average price of around $5 million at the time that story ran.
About the deal: Loyd Builders paid more than $10.4 million in July to acquire the site from New York's Axonic Capital. The tract comprises five parcels totaling nearly 10 acres at 2710-2730 Toxey Drive, between St. Mary’s Street and White Oak Drive.
They made it happen: Sandra Simpson, senior vice president at TradeMark Properties.