Sold Out at The Stephenson in Village District
Chappell is thrilled to announce its Village District development, The Stephenson, sold out earlier this month. The modern condominium, created in partnership with Lock 7 Development, offered buyers an elevated lifestyle defined by unlimited access to shopping, dining and exploring in its unparalleled Village District locale.
The Stephenson was the first development that Chappell [Powered by Compass] partnered with Lock 7 to execute. 615 Peace, a modern condominium on the western gateway of Downtown Raleigh’s Glenwood South district, launched a few months after The Stephenson. Notably, both joint ventures recently sold out in their respective pre-sale periods.
However, the similarities don’t stop there. The Stephenson is set to boast a boutique condo experience on the cusp of the Village District.
Future homeowners can anticipate sidewalk access to shopping, dining and essentials thanks to the 615 Daniels St. locale. The Stephenson is comprised of 20 modern condos, each rooted in functionality and fresh aesthetics. The expansive communal rooftop and lounge space provides future homeowners an exclusive retreat above the buzz of Downtown Raleigh below. With offerings ranging from a 639 SQ FT Loft to a 1,314 SQ FT Three Bedroom Plan – The Stephenson offered plans and price points for a variety of buyers.
June 2020 // The Stephenson launches + presale begins.
July 2020 // Roughly two weeks after launch, The Stephenson is already 30% presold.
October 2020 // Preliminary construction starts onsite.
April 2021 // The Stephenson is roughly 50% presold.
Early 2022 // The Stephenson sells out on in Downtown Raleigh.
“Knowing that our firm isn’t just witnessing this boom in our Triangle market – but that we’re active drivers of the progress is beyond rewarding.”
– Johnny Chappell, Owner/Broker at Chappelll
“Providing high-density living in highly-coveted districts is a vital component of meeting the Triangle’s inventory demand,” states Johnny Chappell, Owner/Broker at Chappell. “The Stephenson provided us the unique opportunity to bring 20 brand-new residences to a neighborhood people are literally lining up to call home. Knowing that our firm isn’t just witnessing this boom in our Triangle market – but that we’re active drivers of the progress is beyond rewarding.”
Chappell continues, “There couldn’t be a better indicator of buyer & investor demand in our market than the presale success at 615 Peace and The Stephenson. Right now, we’re seeing unprecedented Triangle growth – largely fueled by incoming industries & reactionary relocating. However, we’re also seeing 75% fewer available homes than two years ago. This clearly doesn’t add up, and only one thing can solve it – inventory. Our firm is doing what we can to bring much-needed homes to market, all while making sure our priority is on quality and service.”
Washington DC-based Lock 7 Development acted as developer, Metrocon led the build, and New City Design was the project architect. Chappell handled all sales while reroute led all marketing efforts. For more information on being sold out at The Stephenson, visit livethestephenson.com or contact 919.420.3227. For details on future projects or new neighborhoods in the Triangle area, including the most recent Downtown Raleigh development news, visit ChappellRes.com/Builders, explore our current listings, or connect directly with a Chappell new development expert.
About Chappell [Powered by Compass]
Chappell [Powered by Compass] is a team of doers and creators pushing the bounds of expected real estate to deliver an exceptional experience. As one of the best residential real estate firms in the greater Raleigh, Durham, & Triangle areas, we are a team of knowledgeable experts who bring years of insight and expertise to every interaction. We’re proudly powered by Compass, the best boutique brokerage in the country. Tech-driven with tools and resources to ignite any listing or project, we invite you to experience real estate differently – whether it’s buying, building, or selling.
For more information about Chappell, visit ChappellRes.com, or search #ChooseChappell on social media.
About Lock 7 Development
Lock 7 Development is a boutique real estate development firm with over 13 years of experience. They specialize in developing multifamily buildings, mixed-use properties, and self-storage facilities in Washington, DC, and North Carolina. Its focus is on urban infill sites, targeting assets in walkable, established communities. It creates unique and exciting places to live and work with a strong emphasis on creative design and environmentally-friendly building techniques.
About New City Design Group
New City Design Group is an award-winning architecture and design studio, crafting world-class projects since 1996. We are an independent architecture and design studio in Raleigh, NC. Our approach to architectural practice is simple; we bring three core values to each assignment – an abiding spirit of innovation in design and problem solving, a deep commitment to quality, and an unwavering focus on helping our clients achieve their highest goals. We regard the best architectural effort as a conversation between stakeholders that results in successful, attractive, and functional design.