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  • 128 SW Maynard Road/ Rose Park Manor

128 SW Maynard Road/ Rose Park Manor

Beacon Management Corporation, a senior housing development firm, is developing affordable senior housing at 128 SW Maynard Road.

About the development

Beacon Management Corporation will build 81 affordable units; all reserved for seniors earning 60% of Area Median Income (AMI) or less. Beacon Management Corporation completed the rezoning process in 2022, received approval of its Development Plan, is currently constructing the development, and expects to welcome residents during Winter 2025/2026.

Overview
  • 81 total units, all be affordable to senior households earning less than 80% of the Area Median Income, “AMI” (See eligibility for more information.)
  • The site is currently well serviced by local transit, is located adjacent to a commercial center and within walking distance of Cary’s Downtown.
Map
View our map here.
Partners
  • Beacon Management Corporation, a North Carolina-based senior housing developer, is developing and will manage the property.
  • Wake County is partnering to provide funding.
  • Freddie Mac & Merchants Bank are partnering to provide permanent financing.
Eligibility
Eligibility for most affordable housing programs is determined by the Area Median Income (AMI), which is determined each year by the U.S. Department of Housing and Urban Development. For this development, all 81 of the units will be rented to senior households earning at or below 60% of the AMI. Rent prices are not fully determined until the end of construction and will vary by applicant income and household size.

This property is within the Raleigh-Cary Metropolitan Statistical Area or (MSA) which includes Wake, Johnston and Franklin counties. The Federal Government (OMB) delineates these areas based on population as well as social and economic interaction. The income numbers derive from the ACS- American Community Survey data and are the standard for defining affordability used by federal, state, and local governments. The current AMI thresholds for the Raleigh-Cary MSA are listed here.

 

Imagine Cary Community Plan & Housing Plan
This development furthers Cary Community LIVE Chapter Policies and Housing Plan Goals by:
  • Providing more housing choices for seniors
  • Supporting residential development on an infill site
  • Encouraging and supporting the provision of affordable dwellings
  • Providing the higher density, transit-oriented housing options in mixed use centers and along transit corridors
  • Promoting walkability and connections to nearby commercial centers

Timeline

Aug 2021

Neighborhood meeting

Oct 2021

Council Public Hearing

Dec 2021

Planning and Zoning Board

Feb 2022

Council Final Decision

Winter 2024

Development Review

In Progress

Groundbreaking

Winter 2025/2026

Welcome Residents

More information

If you are interested in becoming a tenant, please email Beacon Management Corporation at rosepark@beacon-nc.com or call (336) 430-1184 for application materials.