Strong investor demand continues for well-located development land despite increasingly complex environmental regulations.
RALEIGH, N.C. — APG Companies is pleased to announce the successful sale of 8415 Honeycutt Road, a 14-acre development tract in North Raleigh, for $7,370,000, representing more than $526,000 per acre. Executive Vice President, Duke Boykin, represented the seller, The Estate of Eloise Greene, in the transaction.
Located in one of Raleigh’s most desirable residential corridors, the property attracted strong interest from experienced local investors seeking well-positioned development opportunities. While the site encompasses approximately 14 acres, only about seven acres are buildable due to environmental protections associated with the Falls Watershed Protection Overlay District, making the sale particularly noteworthy given the site’s development constraints.
For Duke Boykin, the closing was especially meaningful.
For more than two decades, Duke visited the property and enjoyed conversations with Eloise Greene as she cared for her gardens and operated a small vegetable stand from the family property. Representing her estate through the successful sale brought a personal dimension to a transaction rooted in trust, long-term relationships, and thoughtful stewardship.
“This transaction reflects the continued strength of Raleigh’s land market,” said Boykin. “Well-located development sites remain highly sought after, even when environmental regulations require experienced buyers who understand how to unlock a property’s full potential.”
The buyers, a Raleigh-based investment group with extensive experience in land acquisition and development, recognized the property’s long-term value despite its regulatory complexities. Their local market knowledge and development expertise helped bring the transaction to a successful conclusion.
Congratulations to Duke Boykin and everyone involved in another successful North Carolina land transaction.
About APG Companies
APG Companies provides commercial real estate brokerage, investment, development, and property services throughout North Carolina and the Southeast. With decades of experience advising landowners, investors, and developers, APG helps clients maximize value through strategic real estate solutions.