CHARLOTTE, NC—Capstone Land Sales has closed the $7.56 million sale of a 36.58-acre infill development site nestled between Arrowood Rd and I-485 in the burgeoning Steele Creek area of Southwest Charlotte. The site is the future home of Hawthorne at Whitehall: a 340-unit, Class A apartment community with garden and townhome-style floorplans.
The Capstone transaction team was led by Brian Ford, Caleb Troop, Ron Corrao, and Rhodes Marley, who sold the property on behalf of a local owner, YFP Timber. Evolve Communities, Hawthorne Residential Partners, and Midway Investors acquired the asset in a joint venture.
“The Joint Venture between Evolve Communities, Hawthorne Residential Partners, and Midway Investors represents the partnership of multiple developer powerhouses with extensive track records of developing best-in-class communities throughout the Carolinas with a diverse array of amenities to benefit both tenants and the immediate submarkets. We expect this project will lead the South Charlotte market in terms of quality and desirability,” said Troop.
“This was quite possibly the most competitive land site sales process we’ve ever seen in the Charlotte market, as Capstone’s marketing generated 45 offers and represented a who’s who of developers across the Southeast,” Corrao added.
Upon completion, Hawthorne at Whitehall will feature an expansive clubhouse, resort‐style pool with outdoor kitchen and gas grills, state‐of‐the‐art fitness center, high‐tech business center, pet park, outdoor living spaces, and manicured grounds. The apartments’ interior finishes will include wood-style flooring, stone countertops with backsplashes, stainless-steel appliances, kitchen islands, walk‐in showers and/or large garden tubs, spacious walk‐in closets, and a washer/dryer in each unit.
The Hawthorne at Whitehall development site is ideally situated adjacent to highly desirable Class-A retail, which includes a Walmart Supercenter, Publix, Chick-fil-A, Lowes, Panera Bread, Chili’s Bar & Grill, and more—all within walking distance from the development. Additionally, the site is located near Topgolf, Charlotte Premium Outlets, and the Ayrsley retail corridor, all of which are highly trafficked retail/entertainment areas.
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 highly desirable for owners, developers, and renters alike. Even with new construction, vacancy rates in the area and in all of Charlotte continue to remain at stable levels, suggesting that demand is outpacing supply. 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. Additionally, Southwest Charlotte is one of North Carolina’s largest employment submarkets with over 140,000 jobs in the area.
