RXR buys site for $3b project

RXR has purchased a 1,000-acre development site in North Carolina’s Research Triangle with plans for a $3 billion mixed-use project.

Veridea marks RXR’s first acquisition and development in North Carolina. RXR bought the 1,000-acre site from Trinity Apex Investments for $91 million.

The firm is partnering with homebuilder Lennar Corp. to build 1,100 single-family homes and townhouses in the first phase of the project, in Apex, N.C.

RXR will also develop more than 1,000 rental apartments and more than 750,000 square feet of space dedicated to life-sciences research, logistics and education.

“The Veridea project is consistent with our strategy to invest in Superstar Regions to develop in sectors, such as housing, logistics, and life science, that we expect to thrive in a post-COVID world,” said Scott Rechler, RXR chairman and CEO.