New York, NY-based RXR has completed its $91-million acquisition of Veridea, a 1,000-acre mixed-use development site in located within the Research Triangle in Apex, NC. The sale represents RXR’s first acquisition and development in the state.

Foundry Commercial brokered the sale of the transaction. Moss Withers of Lee & Associates, brokered the sale of the site where Wake Technical Community College will locate its new campus.

Phase I of the development includes over 1,000 multifamily units to be built by RXR, 1,100 single-family and townhomes to be developed by Lennar, and over 750,000 square feet dedicated to life sciences research, logistics and education.

Incremental to Phase I of the master development, RXR will have an opportunity to pursue up to 1.7 million square feet of additional mixed-use development of office, life sciences/research, logistics, education and other commercial assets.

Zoning of the site allows for total development of up to 8,000 residential units, 12 million square feet of commercial space, including life sciences, industrial and warehouse plus 3.5 million square feet of retail, hospitality, and civic uses. RXR expects up to $3 billion of total investment between Lennar, Wake Technical Community College and RXR’s own development plans.