RALEIGH, NC — Capstone Companies is pleased to announce the successful closing of the Skycrest Townhomes Development Site. The ±5.17-acre site is located in an opportunity zone within Raleigh’s North Hill Submarket and is approved for 70 infill build-to-rent or for-sale townhomes by-right, designed to meet the area’s growing demand for housing.
The Capstone brokerage team, led by Firm Partner, Ron Corrao, and Managing Director of Multifamily Investment Sales, Eric Liebich, orchestrated a successful marketing process on behalf of the Magnolia Property Group. They also sourced the buyer, LG Development Group, a multifamily developer based in Chicago making their first development foray into the Carolinas. Brokerage team members Matt Weinstein, Josh Greenwald, Scott Fuller, Dane Lozier, and Mike Mosher also assisted in the sale process.
“The Skycrest Townhomes Development Site presented an attractive opportunity to acquire a zoned and entitled BFR townhome development opportunity in a thriving submarket of Raleigh” said Corrao. “As the city continues to grow, this community will be positioned at the crossroads of convenience, offering residents an ideal living experience and will undoubtedly become a successful project for LG Development Group.”
Located less than a minute away from the 440 Beltline, the site sits within excellent proximity to all major employers, retail, and commercial services the Raleigh area has to offer. The North Hills Submarket, located 5 minutes by car to Downtown Raleigh and 20 minutes from the Research Triangle, is one of the most sought-after neighborhoods in the area, providing future residents with an ideal new community in the ever-growing Raleigh hub.
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