Biltmore Hills

Biltmore Hills is a 50-unit apartment complex situated on 7.16 acres at 2227 Garner Road in Raleigh, NC.

The property, which is currently in its 30-year affordable housing compliance period, faced the risk of redevelopment or conversion to market-rate housing upon expiration of the compliance period. The seller embraced the opportunity to find an affordable housing buyer focused on preservation of the existing units. POAH's purchase ensures that the residents will have continued access to affordable housing options well into the future.

POAH partnered with the City of Raleigh and Wake County in securing funds for the future rehabilitation of the properties which will involve an extended tax compliance commitment. With Self Help providing the financing, the transaction represents a public-private partnership investing in those most in need in the Raleigh community.

The sale was facilitated by brokers Billie Redmond and Jonathan M. Bassi, of TradeMark Properties, representing the Seller, Biltmore Hills Limited Partnership.