Multifamily developer Gables purchases Cap Hill site from five sellers
Photos by Thomas Gounley)
A multifamily developer planning a second project in the Governor’s Park section of Cap Hill a hotspot for new apartments has purchased the land.
Atlanta-based Gables Residential closed last week on six parcels in the 700 block of North Sherman Street, which add up to 0.79 acres. There were five different sellers involved in the deal.
There are currently three buildings on the site: an office building at 770 Sherman St., and two homes, at least one of which has been converted for office use, at 758 and 760 N. Sherman St. The balance of the site is surface parking lots.
Multifamily developer pays $6.2M for Racines property in Cap Hill
Thomas Gounley photo)
The sale of the former Racines restaurant property in Cap Hill has closed.
650 North Sherman LLC, an entity affiliated with Virginia-based multifamily developer AvalonBay Communities, purchased the 0.57-acre 650 N. Sherman St. lot last week for $6.16 million, according to public records.
That works out to $246 per square foot for the land.
Racines owners Lee Goodfriend and David Racine, who started the restaurant in 1983 with the late Dixon Staples, announced last April that they were under contract to sell the property to a developer, and planned to close the restaurant in January 2021.