Craig Davis Properties Closes Deal on Hampton Roads Luxury Multifamily Property

Triangle NC based Craig Davis Properties (CDP) announces record-breaking sale, first of its kind in Hampton, VA Business Park

Cary, NC – Craig Davis Properties, Inc. (CDP) and its partners, L.M. Sandler & Sons and Harbour Group closed on the sale of Lumen Apartments on September 27, 2021, reaching a record breaking price per unit sale in the Hampton market. The 300-unit multifamily community is located in one of the area’s most notable and growing economic regions, helping set lease-rate records at full capacity after approximately eight months, and out-performing initial pro forma projections.

The commercial real estate development company, CDP, is North Carolina based with projects throughout the Southeast. The top-of-the market multifamily Hampton Roads community is situated amidst prominent economic drivers, including Langley Air Force Base, Huntington Ingalls Industries and other Fortune 500 companies. This prime location positioned Lumen Apartments as a desirable site in the growing metropolitan area. Lumen Apartments brings new life to the business park area while exemplifying CDP’s ability to customize projects for local communities and provide luxury living for residents.

“This project exceeded expectations with its record-breaking sale following a remarkable full capacity lease rate,” said Craig Davis, CDP Founder and CEO. “The Lumen project is an excellent example of the luxury niche market that is driven by modern tenants seeking greater amenities while at home. I’m pleased to have been able to deliver this success for our investors who had faith in the project and this market.”

Lumen Apartments offer top-of-the-line amenities, unrivaled in the current market. The units feature smart home technology, granite countertops, stainless steel appliances and floor-to-ceiling windows. Notable community amenities include a resort-style pool, activated entertainment spaces and on-demand fitness rooms. To further enhance the resident experience, CDP worked with local officials through an in-depth variance process to ensure proper signage and placemaking features designed to encourage resident interaction while meeting the needs and personality of the surrounding community.

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.

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