CHARLOTTE, NC—Capstone Land Sales has closed the sale of a 2.27-acre multi-family development site in Steele Creek—a flourishing submarket in southwest Charlotte. Situated at 10525 Steele Creek Rd, the site is within 10 minutes of the Charlotte Douglas International Airport and benefits from its proximity to the adjacent Charlotte Premium Outlets, Topgolf, Lake Wylie, and the Ayrsley retail corridor.
Capstone’s Eric Liebich and Brian Ford sold the property on behalf of CH Land Company, who proactively obtained the entitlements needed for the development prior to listing. The buyer, Charlotte-based Kearey Construction, facilitated bringing the building plans to current code in advance of closing and will break ground later this year on a 36-unit garden-style apartment community.
“A boutique multi-family development will fit nicely in Steele Creek given the submarket’s tremendous growth over the past 24 months,” said Liebich. “This development will help fulfill the high demand for quality housing within close proximity to Charlotte’s main thoroughfares, local employers, and the various retail and commercial services nearby that future residents will desire.”
“We’re excited to be kicking this project off,” said Ryan Keary, President of Kearey Construction. “We continue to see high demand for well-designed rental communities in Steele Creek. The ongoing growth in the area alongside the site’s ideal location is what drew us to the opportunity.”
Charlotte’s Steele Creek neighborhood is one of the fastest growing areas in the United States, which has resulted in an influx of new development projects; thus, making the area a highly desirable submarket for developers, and renters alike. Southwest Charlotte is one of North Carolina’s largest employment submarkets with over 140,000 jobs in the area, and the City of Charlotte recently identified the Whitehall/Ayrsley submarket as an area that has twice as many jobs as households, with an influx of over 11,000 daily commuters.