Capstone Brokers $4.4 Million Sale of 19.1-Acre Apartment Development Site in Charlotte QOZ

CHARLOTTE, NC—Capstone Land Sales has closed the $4.4 million sale of a 19.1-acre development site located just north of Camp North End at the northwest corner of Statesville Avenue and Atando Avenue. The site is located at 3245 Statesville Ave and sits within one of two Qualified Opportunity Zones found within the greater Charlotte MSA; thus, allowing the project to qualify for certain tax incentives designed to drive long term capital investment into up-and-coming areas.

The Capstone brokerage team facilitated a competitive marketing process on behalf of the seller where they sourced a new-to-market developer who took the site through the City of Charlotte’s rezoning process to obtain a zoning designation of R-22MF. This entitles the site for up to 350 garden-style apartment units with construction anticipated to begin in the coming months.

“The economic demand drivers that the greater Charlotte MSA presents to the development community have proven to be resilient over the past 24-months,” said Capstone Director, Eric Liebich. “This project is a great example of how the City of Charlotte continues to garner the interest of out-of-state investment, and we’re looking forward to seeing this project come to life within the high growth corridor that it’s located in,” added Liebich.

Adjacent and visible with 1,500+ feet of frontage along I-77, the development site resides in the North End submarket of Charlotte’s urban core between two of the MSA’s largest employment nodes—Uptown and University City—which total more than 200,000 jobs combined. A portion of the Cross-Charlotte Greenway Trail system fronts the subject site, providing future residents with a built-in amenity that the City of Charlotte, in conjunction with Mecklenburg County, has invested in over the last three years to create a 30+ mile trail and greenway facility that will stretch from the City of Pineville, through Center City, and on to the UNC Charlotte campus and Cabarrus County line. This will further enhance connectivity to Uptown, the NC Music Factory, and Camp North End—each of which is located less than three miles from the subject site.

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