Capstone Closes $3.75 Million Sale of 6.19-Acre Apartment Development Site in Northeast Charlotte

CHARLOTTE, NC—Capstone Land Sales has brokered the $3.75 million sale of a 6.19-acre multi-family development site located in Northeast Charlotte. The site is located at the intersection of N. Tryon St (US HWY 29) and Trevi Village Blvd—less than a five-minute drive to both the PNC Music Pavilion and Charlotte Motor Speedway. The buyer, Knoxville, Tennessee-based J. A. Murphy Group, will break ground next month on a 209-unit garden-style apartment development.

“J. A. Murphy Group is excited to be getting started on our first multi-family development in the Queen City,” said founder John Murphy. “The employment and population growth Charlotte continues to experience paired with the site’s proximity to Charlotte’s major entertainment venues drew us to the location. We continue to see high demand for thoughtfully designed communities across the Charlotte MSA and we’re excited to see the project come to life.”

The Capstone brokerage team was led by Eric Liebich with Ron Corrao and Caleb Troop assisting with the sale.

“The site’s immediate access to I-485 as a main thoroughfare to Charlotte’s major employment nodes make Trevi Village an ideal location for a multi-family development,” said Capstone senior advisor, Eric Liebich. “Future residents will also benefit greatly from the site being within close proximity to a variety of retail, amenities and other commercial services.”

Prior to selling, the previous owner assembled the 45 acres that make up Trevi Village to accommodate a variety of other uses. In addition to the project, J. A. Murphy Group will be kicking off a senior-focused development currently underway, as well as other commercial and retail outparcels available for future development.

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