CHARLOTTE, NC– Capstone Companies is pleased to announce the successful $7.15M sale of the West Charlotte Development Site, a 14-acre multifamily development site in the rapidly growing West Charlotte submarket. The site was acquired by Lucern Capital Partners in November 2022 and meticulously designed and prepared for development prior to sale. Their efforts included completing a comprehensive entitlement process and securing site plan approval, ensuring the land was primed for multifamily residential development. The property was purchased by KDM Development Corporation, a Raleigh based developer with multiple notable projects throughout the Triad, marking a significant step forward in the effort to address Charlotte’s growing demand for housing in historically under invested submarkets.
Continuing a trend of helping national and regional developers identify and facilitate the sale of notable multifamily development sites, the Capstone brokerage team was led by Firm Partner, Ron Corrao, and Managing Director, Eric Liebich, who facilitated the sale on behalf of the buyer and seller. Brokerage team members Josh Greenwald, Scott Fuller, Matt Weinstein, Dane Lozier and Mike Mosher also assisted in the sale process.
“Our team is honored to have played a role in this transaction,” said Corrao. “This sale marks a significant milestone for all parties involved and represents a meaningful step in West Charlotte’s ongoing transformation into a vital component of the city’s broader development landscape.”
“We are proud to continue our track record of successful transactions on the west side of Charlotte, North Carolina. This sale underscores our commitment to facilitating growth and development in historically overlooked areas,” said Frank Forte, Managing Partner and Chief Investment Officer of Lucern Capital Partners, the seller of the property. “We are humbled to play a small role in the extraordinary development pattern in this part of Charlotte.”
The West Charlotte Development Site is poised to serve a demographic that has been historically underserved in the Charlotte MSA for multifamily housing. With its proximity to major employment centers and connectivity to vibrant neighborhoods like Uptown and South End, the site is ideally positioned to attract future residents seeking convenient access to both work and lifestyle amenities. This development will not only meet immediate housing needs but will also contribute to the area’s growth and vitality for years to come.
About Capstone
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multifamily investment properties. To do so, we provide comprehensive multifamily advisory services in asset acquisition and development, strategic ownership decisions, market Insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multifamily-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
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