RXR acquired Veridea, a 1,000+ acre, $3 billion mixed-use development site in Apex, North Carolina, located within the Research Triangle formed by Raleigh, Durham, and Chapel Hill. The new development will be part of RXR’s national strategy of investing in “Superstar Regions.” Phase I of the project includes the development of at least 1,000 multifamily units, 1,100 single-family homes, and over 750,000 SF dedicated to life/sciences research, logistics, and education.

“The Veridea project is consistent with our strategy to invest in Superstar Regions to develop in sectors such as housing, logistics, and life science, that we expect to thrive in a post-COVID world. The Town of Apex possesses the vital components that we look for when investing in a Super Star region – “Eds, Meds, and Well Led” – strong education and healthcare systems that are magnets for the knowledge worker and strong leadership that continues to invest in the region’s infrastructure and quality of life,” said Scott Rechler, Chairman and CEO of RXR. “As knowledge workers increasingly seek these live, work, play communities when choosing where they want to settle, it is towns like Apex, North Carolina, that will thrive. We thank Mayor Gilbert and the Apex Town Council for their leadership in moving this exciting project forward.”

This is RXR’s first acquisition and development in North Carolina. RXR has become a leader in large-scale master developments with approximately 2.3 million square feet in downtown New Rochelle, New York, and 1.8 million square feet at Garvies Point in Glen Cove, Long Island. In 2022, RXR launched a national multifamily expansion program with approximately $1.3 billion in acquisitions, comprising over 2,800 units in the Greater Philadelphia Area, northern New Jersey, Phoenix, Arizona, and Tampa, Florida.