Raleighs Litchford 315 Apartments Projects Being Fully Stabilized by End of 2021

By Reeves Simmons.
Updated Dec 28, 2021

RALEIGH, N.C. (PRWEB) December 28, 2021 - Litchford 315, a class-A community in Raleigh, North Carolina, invites you home to its modernized interior finishes, stainless steel appliances, sleek natural stone countertops, resident clubhouse, resort style swimming pool, a state-of-the-art fitness center with attached private work-out area featuring MIRROR interactive fitness, a fully fenced dog park and resort, and so much more. Offering one, two, and three-bedroom floor plans with contemporary and stylish features, Litchford 315 is situated close to modernly inspired cafes, pubs, restaurants, art, as well as outdoor activities, and boasts more than 14 acres of beautifully landscaped grounds.

DF Multifamily, a division of Drucker + Falk (DF), one of the nations most prominent multifamily management companies, assumed not only the management of Litchford 315, but was also involved during the pre-construction and design period as well as with pre-leasing efforts. DF teamed up with Raleigh, North Carolina-based Dewitt Carolinas, Inc., a real estate development company with 25 years of experience in building large scale residential and commercial properties, and, over the last 40 years, has developed more than 2,500 multifamily units throughout the Carolinas. Litchford 315 marks the third new development that DF has managed for Dewitt in the past five years.

Pre-leasing activity proved to be record-breaking, having more than 70% of the brand-new apartments leased in the first six months and projecting that the community will be 100% leased by the end of 2021, less than nine months from opening in the spring of 2021. Pro forma rents, which were at or above competitors market rates, have been increased up to 15% on several floor plan unit types, exceeding owners budget pro forma.

Kellie Falk, DF Managing Director, says, We are both honored and elated to begin leasing yet another stunning apartment community for our client partners at Dewitt Carolinas. As we always strive to achieve optimum results for our clients, I applaud our amazing DF team on the success this lease-up has shaped up to be and have heard the same feedback from our client as well.

Everett Daniels, President, Dewitt Carolinas, Inc said, We are excited about the opportunity to once again work with Drucker + Falk to lease and manage the luxurious Litchford 315, a wonderful living option for the people of Raleigh. The success thus seen at Litchford 315 is a demonstration of the trust and confidence DeWitt has in the teams at DF. We look forward to continued lease-up and management successes and advancing our relationship with Drucker + Falk.

ABOUT DRUCKER + FALK Founded in 1938, Drucker + Falk is a full-service real estate and investment firm, managing a diverse portfolio of more than 40,000 apartments in 11 states including Virginia, Maryland, North Carolina, South Carolina, Georgia, Florida, Tennessee, Indiana, Kentucky, Ohio, and Texas. With roots in third party fee management, Drucker + Falk specializes in multifamily management of all asset types, new development construction consultation and lease up, urban revitalization, asset repositioning and stabilization of challenging properties, mixed use management and due diligence services. With more than 3 million square feet under management, Drucker + Falk also offers commercial sales, leasing and management services.