Biltmore Hills Gets Last-Minute Lifeline As Raleigh Rents Spike
Biltmore Hills, a 50-unit apartment complex in southeast Raleigh, just dodged the kind of market flip that has been wiping out older affordable rentals across the city. A national affordable-housing nonprofit has secured financing to renovate the property and keep it from shifting to market-rate housing. The planned work will modernize roofs, kitchens and HVAC systems and is intended to keep rents affordable for existing tenants. Residents and city staff describe the deal as a narrow but necessary intervention as cheaper rentals disappear across Raleigh.
In a press release via Preservation of Affordable Housing, POAH said it closed on financing to rehabilitate Biltmore Hills, calling the purchase its first acquisition in North Carolina and outlining a resident-centered renovation plan. As listed on POAH, the site covers roughly 7.16 acres at 2227 Garner Road and was acquired in 2024 as a 50-unit complex. POAH said Hamel Builders will lead work that replaces roofs, windows, kitchens, bathrooms, flooring and heating and cooling systems to extend long-term affordability.