RALEIGH – Glenwood South Partners, LLC is raising up to $2 million in equity financing, according to an SEC filing signed by the company’s attorney.
The firm, which registered the company with the North Carolina Secretary of State’s office in December 2020, lists Roland Gammon and Nikita Zhitov as managers on the SEC filing.
Gammon is the founder of White Oak Properties, and Zhitov is the principal and broker-in-charge of CityPlat, a commercial real estate firm.
The two firms will develop a residential infill community of 16 townhomes in Glenwood South, along Boylan Street, according to Gammon, who told WRAL TechWire that the site was acquired recently from the previous owner Leon Capital for approxmiately $2.3 million.
To continue the project, the company is raising additional capital, to cover half of the cost with equity. The $2 million, when raised, said Gammon, “will pretty much carry us into the construction phase.”
The townhomes will be a streamlined project for the developers, said Gammon, as the site will not require rezoning.
“I’m hoping things move smoothly,” said Gammon, “in the post-COVID era.”
A builder has not yet been selected, said Gammon, but he noted that the group does expect to have buildable plans by early 2021, though the developers could wait until March to begin construction.
The three-story, three-bedroom, 2.5 bathroom townhomes will most likely be priced in the high $700,000s or low $800,000, said Gammon, noting that this is a dramatically different price point than other similar properties in Glenwood South, which tend to be upwards of $1 million.
“Feels like the right size for the market, for Glenwood South,” said Gammon about the project.
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