CHARLOTTE, NC—Capstone Land Sales has brokered the sale of a ±49.07-acre multi-family development site in north Charlotte. Situated at 6108 Hucks Road, the site is entitled for ±516 units.
The Capstone transaction team was led by Bryse Toothaker and Caleb Troop and bolstered by Alex McDermott, Austin Green, Thomas Colaiezzi, Travis Cundiff, and Jourdan Sullivan. They sold the site on behalf of MVP Equities, a high growth IMPACT investor that leverages capital with real estate-backed investments. www.Mvpequities.com.
The buyer is Greystar, a global leader in the investment, development, and management of high-quality rental housing, who plans to break ground later this summer on an apartment community with Class A finishes and a generous amenity package. The site is currently zoned and entitled for 516 units, consisting of a mix of 402 one-, two- and three-bedroom apartment floorplans, and 114 three-bedroom townhomes with attached garages.
“We were blown away with competitive offers from regional and national developers,” Troop said. “The appetite for fully approved Class A apartment community sites in and around Charlotte’s 485 beltway continues to be robust. In-migration trends for Charlotte paired with a lack of suitable apartment land is creating a perfect storm of sorts in the multi-family space.”
“We are thrilled at the opportunity to continue to expand our Charlotte presence with another Class A multi-family project in the north Charlotte area,” said Josh Glover, Senior Director of Development at Greystar. “Greystar consistently seeks to innovate and elevate the rental housing experience for our customers. From the design and planning stage to development, Greystar puts its customers first and we look forward to creating additional housing supply while providing residents with exceptional amenities and community spaces for enriched lifestyles.”