Written by David Bracken | TRIANGLE NEWS & OBSERVER
RALEIGH — The historic Crabtree Jones House is slated to be moved in the coming days as construction begins on an apartment complex that will occupy 15 acres just inside the Beltline on the west side of Wake Forest Road.
Davis Property Group and AVR Realty paid nearly $4.56 million this week for the land, which was owned by the family trust of Charles William Gaddy, a real estate investor and former Raleigh city councilman.
Russ Davis, Davis Property Group’s owner, said site work would begin immediately on the 243-unit project, to be called the Jones Grant Apartments. Davis is donating the Crabtree Jones House, a local and National Historic Landmark that was built in the 1790s by Nathaniel “Crabtree” Jones, to Preservation North Carolina and paying to have it moved to an adjacent site.
Davis has been working on the project for more than five years, and his Greenville, S.C.-based company has had the property under contract for more than a year. The first units in Jones Grant are expected to be completed by the fourth quarter of next year.
This is the first joint project that Davis and AVR, an equity partner in the deal, have done. The Yonkers, N.Y.-based company’s portfolio includes office, industrial, retail and residential properties. Davis and AVR both use the same property management company, Greystar, which is how they connected.
“They’ve typically been a buyer of existing projects for their own account,” Davis said of AVR. “They’re a long investor, which we really wanted for this site.”