Rendering slot · deck p.1
Aerial view of the two four-storey buildings on the wooded Apex Highway site, with surface parking to the south and Apex Highway running across the foreground.
Nova RTP 2680 Apartments · Durham, NC
Purpose-built student housing in Durham, North Carolina. Entitled, permitted, and ready to break ground.
83
residences
288
beds
$23.1M
total capitalization
Shovel-ready
permits issued
Groundbreaking can begin within two weeks of full funding.
The project
Two buildings, 83 apartments, 87,792 rentable square feet on a wooded site two miles from North Carolina Central and six from Duke.
Rents include utilities. Every floor has storage. The design targets students who want an apartment, not a dorm — and prices below both campuses’ own housing.
Rendering slot · deck p.4
Site plan showing the two building footprints, 166 parking spaces and the tree buffer along the northern boundary.
Rendering slot · deck p.7
Street-level view of the main entrance elevation, showing the four-storey facade in white, charcoal and green panels.
Rendering slot · deck p.7
Courtyard elevation between the two buildings, with ground-floor glazing and balconies on the upper storeys.
Rendering slot · deck p.10
Interior of a three-bedroom apartment living area, with an open kitchen and full-height windows.
Rendering slot · deck p.11
Fitness room and shared study space on the ground floor.
Investment summary
DSCR holds between 1.35 and 1.85 across a $700–$900 rent band at 5–10% vacancy. Exit valuation ranges $38.0M–$47.3M across cap rates of 4.75%–5.75%.
1.35 – 1.85
across $700–$900 rent per bed, 5–10% vacancy
$38.0M – $47.3M
across 4.75%–5.75% exit cap rate
| Per unit | Total | |
|---|---|---|
| Entitled land | $44,578 | $3,700,000 |
| Hard cost | $197,280 | $16,374,274 |
| Soft cost | $18,072 | $1,500,000 |
| Carry cost | $18,434 | $1,530,000 |
| Total | $278,365 | $23,104,274 |
| Per unit | Total | |
|---|---|---|
| Equity | $61,497 | $5,104,274 |
| Debt | $217,867 | $18,000,000 |
| Total | $278,365 | $23,104,274 |
Underwriting inputsRent growth 3.50% · Opex growth 2.50% · Vacancy 10% · Debt $18,000,000 at 7.00% · 27-month interest-only · Annual debt service $1,437,053 · Construction 18 months + 6 months lease-up
Underwriting as of August 2025.
Provided in the data room
Provided in the data room
Provided in the data room
Provided in the data room
Provided in the data room
Provided in the data room
Provided in the data room
Share of the $5.1M equity committed by Abranova. Industry standard is 5–20%; it is the second thing an experienced LP checks.
Provided in the data room
Provided in the data room
Acquisition, asset management, construction management, disposition.
Track record
Every project Abranova has taken from land to delivery, with the projected and realised return on each. Anything still in progress is marked as such.
| Project | Type | Units | Total cost | Status | Projected | Realised |
|---|---|---|---|---|---|---|
| Nova RTP — 2801 Courtney Creek Blvd | Apartments + smart townhomes | 37 apartments, 46 townhomes | $27.4M | Delivered | — | — |
| Nova at Summer Meadow | Residential | — | — | Portfolio | — | — |
| Nova RTP Townhomes | Townhomes | — | — | Portfolio | — | — |
| Nova RTP 555 Apartments | Apartments | — | — | Portfolio | — | — |
| Nova RTP 2680 Apartments | Student housing | 83 units, 288 beds | $23.1M | This offering | — | — |
| Nova RTP 2624 | Residential | — | — | Portfolio | — | — |
| Haddon Hall Condominiums | Condominiums | — | — | Portfolio | — | — |
| Capital Club Building | Adaptive reuse | — | — | Portfolio | — | — |
Past performance is not indicative of future results. Figures shown as — are pending publication.
Unit mix
$1,600/bed/mo
school term
$750/bed/mo
school term
$650/bed/mo
school term
The full 12-row unit mix across both buildings is available in the data room.
Rent comparison
Annual cost per bed for the school year, against on-campus housing at NC Central and Duke.
Rent includes electricity, water and sewer. Storage available on every floor.
Location
176,000
students enrolled in higher education
65,000
graduates annually
300+
companies in RTP
50,000
RTP employees
The firm
Abranova is a vertically integrated construction developer with more than 35 employees — laborers, carpenters, concrete finishers, equipment operators, site-work and utility crews. Executing site-work and vertical construction in-house is what lets us hit proforma on ground-up projects that other developers price defensively.
Team
CEO & Founder
From a construction and real estate family; previously a preconstruction engineer at Gilbane Building Company. Duke BSE in Mechanical Engineering & Materials Science, and a Reginaldo Howard Scholar. Serves on the Pratt School of Engineering Board of Visitors.
Senior Investment Analyst
Seven years in real estate investment. Managed 5,000,000 SF of development across Japan and China at a Fortune 500 contractor. Duke MBA (Fuqua), M.Eng University of Tokyo (Kuma Kengo Lab). CFA.
Construction Superintendent
30+ years, from space shuttle launch pads in Texas to high-rise concrete in Florida.
Carpentry Superintendent
25+ years in framing, interior carpentry and property maintenance.
Electrician
Licensed NC electrical contractor, HVAC EPA certified. Nine years in trade, specializing in multifamily and build-to-rent.
Jobsite Foreman
Coordinates subcontractors, materials and logistics.
Site tours and data room access available on request.
Or reach us directly
abraham@abranova.com
+1 (984) 245-6344
2680 Apex Hwy is one of eight Abranova projects. The rest of the portfolio, the market thesis and the company behind it are on the main site.