CHARLOTTE, NC—Capstone Land Sales has closed the $2.75 million sale of a 9.93-acre affordable housing development site just north of Uptown Charlotte’s urban core at the highly visible interchange of E. Sugar Creek Rd and N. Tryon St. Consisting of six total land parcels, the Capstone brokerage team worked on behalf of three individual landowners to assemble the development site, which is situated in both a Qualified Opportunity Zone (QOZ) and Qualified Census Tract (QCT), allowing the project to qualify for both tax exempt bonds through the State of North Carolina, and a Housing Trust Fund (HTF) allocation through the City of Charlotte to help finance a portion of the development. The buyer of the site is the NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multi-family housing.
The Capstone brokerage team was led by Eric Liebich, Ron Corrao, and Caleb Troop.
“This project is a great example of how the City of Charlotte continues to focus on helping meet the affordable housing needs of its residents and the Capstone Team was thrilled to have played a part in the process,” said Liebich. “Safe and stable communities near a variety of amenities and transit options, such as NRP’s project at this location, illustrate how lower income families can reside in areas that offer upward economic mobility while still having access to quality affordable housing,” he added.
The project, which has yet to be named, will feature 188 units and will be reserved for tenants earning between 30%-80% of the area median income (AMI). This marks the third 4% tax credit development that NRP has closed in the City of Charlotte since 2018. The firm is currently underway on their Platform Lofts community less than two miles away. The development will feature 198 units for residents making 60% or less than the median income in Mecklenburg County.
“We’re proud to bring another best-in-class affordable housing development to the Queen City, and we’re looking forward to seeing future residents benefit from a thoughtfully designed community at a location that offers enhanced connectivity and a variety of nearby commercial services and amenities,” said NRP Group Vice President of Development, Jason Mochizuki.
As part of the City of Charlotte’s affordable housing evaluation process, the development was the highest scoring affordable housing project in 2021 outside of Uptown to be awarded funding via the City of Charlotte’s Housing Trust Fund (HTF), which was established in 2001 to provide financing to developers of affordable housing through voter-approved housing bonds. The transit-oriented development sits within 300 feet of four CATs bus stops and less than one mile from the Sugar Creek LYNX light rail station. The NoDa Arts District, Camp North End, and University City are all located less than five miles from the subject site.