RALEIGH, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- A new 200-unit affordable housing community will bring much-needed housing opportunities to Wake County following the successful closing of Chapanoke, a public-private partnership led by Harmony Housing Affordable Development Inc. (HHAD), Gilbane Development, and F7 International Development, which together comprise Raleigh Community Partners LLC. Located at 326 Chapanoke Road in Raleigh, the development will deliver thoughtfully designed apartment homes for households earning between 30% to 70% of Area Median Income (AMI) in one of the region’s fastest-growing corridors. Chapanoke is designed as a high-quality affordable community for residents seeking affordability without sacrificing convenience or quality of life.
Chapanoke represents years of collaboration among Wake County, the City of Raleigh, Wake Technical Community College, Raleigh Community Partners, and financing partners to transform former publicly owned land into a long-term community asset that will provide affordable housing for generations of Wake County residents. “It demonstrates what is possible when public agencies, local governments, and private partners work together with a shared commitment to expanding housing opportunity,” said Tanya Eastwood, HHAD’s President & CEO.
The project advances Wake County's vision for the site including affordable housing, transit-oriented development, sustainable design, and community-serving amenities. Its location adjacent to Wake Tech's Public Safety Education Campus creates opportunities for residents to live near education, workforce training, employment, and future transit from the planned Southern Wake Bus Rapid Transit corridor. “Affordable housing is one of the defining challenges facing fast-growing communities across the country. At HHAD, we believe every family deserves access to safe, quality housing connected to opportunity. Chapanoke embodies that belief by bringing together housing, education, transit, and public investment in a way that will benefit Wake County for decades."
Construction is expected to be completed in early 2028, delivering a thoughtfully designed mix of one-, two-, and three-bedroom apartment homes along with a full suite of resident amenities. Upon completion, the community will provide high-quality, affordable housing to individuals and families, helping address the critical housing shortage in Raleigh while fostering long-term neighborhood stability and growth. As one of the nation's fastest-growing metropolitan areas, Wake County continues to experience significant demand for affordable housing, making developments like Chapanoke increasingly important to maintaining economic opportunity for working families.
“Wake County is grateful to have the opportunity to invest the land and $7.1 million in gap financing for this project,” said Mark Perlman, Deputy Director of Wake County’s Housing Affordability and Community Revitalization Department. “Ensuring that Wake County residents can benefit from our growth and quality of life regardless of their income level, is a key priority for the Housing Department. Creating 200 units of affordable housing on this site will ensure equitable access to the benefits of growth in this neighborhood stemming from the forthcoming Bus Rapid Transit corridor. We are particularly excited about the positive impact this opportunity can have on eligible Wake Tech students and how access to stable, affordable housing can support their journey toward academic and personal success. We are thankful to Harmony Housing Affordable Development, Gilbane, and F7 for being strong development partners and to Wake Tech Community College for making this project possible by donating the site”
The nearly $93 million development was financed through a collaborative combination of public and private capital, including Low-Income Housing Tax Credit equity provided by Greystone Real Estate Capital, private construction and permanent financing from Greystone Housing Impact Investors LP and Citi Community Capital, and subordinate public loans from Wake County and the City of Raleigh. The collaborative financing structure reflects the strong public-private partnership necessary to deliver affordable housing at scale.
“Chapanoke reflects the power of partnership in addressing one of the most pressing challenges facing growing communities today,” said Yarojin Robinson, Senior Vice President of Affordable and Mixed-Income Housing at Gilbane Development. “Through close collaboration with Wake County, the City of Raleigh, Harmony Housing Affordable Development, F7 International Development, and our financing partners, we are committed to creating a community that expands access to high-quality affordable housing while connecting residents to education, employment, and future transit opportunities. We are proud to help deliver a development that will provide lasting value for residents and support Wake County’s long-term vision for inclusive growth.”
Chapanoke represents the kind of development that changes lives, not just skylines,” said James (Monte) Montague, President of F7 International Development. “As a Raleigh-based developer, we understand that affordable housing is about far more than constructing buildings—it is about creating opportunity, strengthening neighborhoods, and ensuring that the people who work in our community can also afford to live here. We are honored to partner with Harmony Housing Affordable Development, Gilbane Development, Wake County, the City of Raleigh, and our financing partners to bring this vision to life. This development demonstrates what can be achieved when public and private partners unite around a shared mission. Chapanoke will provide hundreds of families with access to quality housing, education, employment, and future transit while helping build a stronger, more resilient Wake County. At F7, we believe successful development leaves a lasting legacy, and we are proud to help create a community that will serve residents for generations.”
About Harmony Housing Affordable Development Inc.
Driven by a passion for creating and preserving affordable housing in our nation’s most vulnerable communities, Harmony Housing Affordable Development Inc. is a nationally recognized, mission-driven affordable housing developer specializing in innovative public-private partnerships, preservation, and community-focused development. To date, the team has developed over 18,000 apartment homes across 13 states with another 4,800 in various stages of development. The group’s mission is to create meaningful and significant impacts on communities by providing income-qualified households with decent, safe, and affordable housing. For more information, visit www.HHAD.org
About Gilbane
Gilbane is the trusted leader in end-to-end solutions for the built environment, with integrated expertise across real estate investment, development, full-service construction, and property and facilities management. Family-owned since 1870, Gilbane is one of the oldest and largest privately held real estate development and construction companies in the world. With more than 45 offices, and 4,000+ employees worldwide, Gilbane pairs global experience with deep community connections to empower clients to move from vision to long-term performance with confidence. Guided by values that put people first and prioritize innovation, Gilbane builds trust, strengthens communities, and is driven by a purpose to boldly shape the world. Learn more at gilbaneco.com.
About F7
F7 International Development, a Triangle-based, black-owned business, was founded in 2002 with the sole purpose of improving the community and surrounding areas by developing and creating infrastructure; building and constructing commercial properties; and general contracting new residential housing as well as rehabilitating existing homes all to improve and empower the communities F7 serves. James (Monte) Montague, President of F7 International Development and son of Southeast Raleigh, is an Urban Community Property Developer with over 22 years of expertise in low-income communities, and is focused on underdeveloped areas, affordable housing, and business office spaces.
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