CHARLOTTE, NC—Capstone Land Sales has brokered the $3.25 million sale of a 9.17-acre workforce housing development site in East Charlotte. The site is located at 7406 Wallace Rd between Monroe Rd and Independence Blvd, adjacent to Mason Wallace Park. The buyer, Dallas-based Trammell Crow Residential, intends to develop a 200+ unit garden-style apartment complex.
“Trammell Crow Residential is excited to get started on our second multi-family development in the Queen City,” said Justin Adams, Managing Director of Trammell Crow Residential. “The soaring population growth Charlotte has continued to experience, paired with the site’s proximity to Charlotte’s major employers, drew us to this location. There is high demand in the submarket for a thoughtfully designed, Class A rental community offered at a reasonable price.”
The Wallace Park development site is comprised of four parcels totaling 9.17 acres. Prior to selling, the previous owners proactively took the site through a rezoning process to allow for a higher density multi-family development. As part of the rezoning approval, a minimum of 14 units will maintain monthly rents at or below 80% average monthly income (AMI) levels for a period of 25 years or more.
The Capstone transaction team was led by Eric Liebich and Ron Corrao.
“Zoned and entitled multi-family land in the Charlotte MSA outside of Uptown and South End has become increasingly difficult to find over recent years,” said Liebich. “Future residents will benefit greatly from the site’s ideal location within close proximity to retail and commercial services, as well as its immediate access to I-74 as a main thoroughfare and the planned future LYNX Silver Line light rail extension.”
In Charlotte, Trammell Crow Residential previously developed Alexan Optimist Park, a luxury 238-unit apartment community in the trendy Mill District. That property was sold last November. Trammell Crow Residential is a market-leading developer of multi-family communities across the United States and has delivered nearly 260,000 apartments to date. Founded in 1977, Trammell Crow Residential is part of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history, $20 billion in assets under management, and a strong track record of performance, partnership and innovation.