New townhomes by Crabtree Mall are now for rent

RALEIGH, N.C. — What would have been for-sale townhomes near Crabtree Valley Mall in Raleigh will now be for rent as the partially-developed community has changed ownership.

M/I Homes (NYSE: MHO) of Ohio was the initial developer behind Altair, an 88-unit townhome community off Blue Ridge Road, and had plans to sell the two- and three-bedroom homes in the high $300,000s.

But on March 29, M/I Homes sold all the lots, including the 17 already finished homes, to a joint venture between PCCP, a NY-based finance and investment management firm, and Abode Communities, a build-to-rent company under Edgewater Ventures of Raleigh, according to Wake County deed records.

The two companies paid $7.663 million for the 14 acres and 17 finished homes at 3709 Nova Star Lane. Edgewater Ventures Principal Justin Good said that eventually, PCCP and ABODE Communities will purchase all of the homes after M/I Homes finishes building them. The remaining 71 townhomes will be delivered in phases with an anticipated completion by the end of 2023. Full buyout will be complete by the end of 2023.