Craig Davis Properties’ luxury multifamily property, Lumen Apartments, leased at capacity only five months after final construction, outpacing projections
HAMPTON, VA | Craig Davis Properties (CDP) released updated leasing information announcing the full leasing of its luxury multifamily property, Lumen Apartments, five months after completion. The lease up time of the property exceeded original projections, confirming CDP’s market intuition- the Hampton Roads market is growing and properties like multifamily luxury units will continue to be solid investments for developers and the community.
The luxury Lumen Apartments provides state-of-the-art amenities, unrivaled in the region. The 300-unit community includes distinctive living spaces, with granite countertops, spacious kitchens and a wide variety of layouts to meet all residents’ needs. To view a full list of amenities, visit https://www.lifeatlumen.com. The neighborhood community and the Hampton Roads region at large both have a wide variety of entertainment, shopping and restaurants- making the property a unique crossroads of luxury and urban living.
The Triangle NC based developer has additional plans for the Hampton Roads area as the region and development market continues to grow.
“We are thrilled to see such a quick return on this investment,” said CDP CEO Craig Davis. “The Hampton Roads area was a perfect opportunity for a project of this magnitude and the team at Drucker + Falk Property Management went above and beyond to fully lease this property. We’re excited to work with them more on our upcoming multifamily projects, namely the Banks at Bridgewater, opening this fall in South Carolina.”
Careful consideration went into selecting the perfect location for a property of this magnitude. The decision to develop on this site was strongly influenced by nearby economic drivers- Langley Air Force Base, Huntington Ingalls Industries, and other Fortune 500 companies headquartered in Hampton Roads. The CDP team worked with city officials to bring new life to the Hampton Roads Center North business park- by allowing a new residential component within the park. The organic rent growth at Lumen resulted in more than double the average monthly leases versus other multifamily properties in the area.
About Craig Davis Properties
Founded by Craig Davis, former NCSU basketball player and Triangle resident in 1988, Craig Davis Properties (CDP) has grown into an industry leader in the development community – building projects throughout North Carolina and the Southeast. CDP’s broad portfolio of projects range from commercial to multifamily communities that offer a diverse, modern lifestyle and an appealing environment to live and work. The company has developed over 8 million square feet of multifamily, office, industrial and mixed-use products throughout North Carolina and the Southeast and has an additional 2,000 multifamily units currently in the pipeline in the Carolinas.
To learn more visit https://www.craigdavisproperties.com
Construct America Magazine | The Home of Construction Industry News
