22-04-2025
- Business
- Business Journals
Lennar buys 94 acres in east Raleigh for new housing development
Story Highlights Lennar Carolinas acquired 94 acres in east Raleigh for $19.4 million.
The property is entitled for 257 single-family lots and 200 townhomes.
East Raleigh attracts residential development due to available land and affordability.
Nearly 100 acres in east Raleigh has been sold as plans form for hundreds of new homes.
Lennar Carolinas, via a land bank, acquired 94 acres on Old Milburnie Road next to the Neuse River — on the other side of the river is the Hedingham Golf Club. The homebuilder spent $19.4 million on the land, according to Wake County deed records. The property is already entitled for 257 single-family lots.
The purchase price comes to about $206,404 per acre. The seller was Darlington Advisors LLC, owned by Carlton Midyette. His son, Carlton Midyette III, represented the seller in the transaction.
Midyette III said the former owner had the site rezoned to residential 6 to take advantage of the city's Missing Middle zoning rules. An approved site plan includes the entitlement for single-family homes and a future plan to add about 200 townhomes.
Darlington Advisors has been working with Miami-based Lennar (NYSE: LEN) to close the deal. Originally, a different homebuilder was under contract to buy the land but dropped out a year ago.
Situated at 1539 Old Milburnie Road, it's Lennar's second residential community on Old Milburnie Road. It's planning to build about 500 single-family homes and townhomes on 242 acres. Lennar is the largest homebuilder in the Triangle, completing 2,865 homes in 2024 and closing $1.165 billion worth of contracts.
The east and northeast parts of Raleigh and Wake County are drawing lots of residential development as there is more room for new neighborhoods and prices can stay on the lower side.
'Residential housing growth is — it's all about going east. To the north, you're starting to get capped. You're capped with utility capacity. The south is getting expensive. You're not going west unless you go all the way to Chatham. But as you move east, you're going to move through a lot of developable land. … and the extension of Interstate 540 is going to open that up even more,' Midyette III said.
