Capstone Closes $3 Million Sale of 8.83-Acre LIHTC Development Site in East Charlotte

CHARLOTTE, NC—Capstone Land Sales has closed the $3 million sale of an 8.83-acre affordable housing development site situated between Independence Blvd and Monroe Rd in east Charlotte located at 7800 Creekridge Rd. The site is adjacent to McAlpine Creek Park and sits within a Qualified Census Tract (QCT), allowing the project to qualify for tax exempt bonds through the State of North Carolina which will help finance a portion of the project.

The Capstone brokerage team was led by Director, Eric Liebich, and Managing Director, Ron Corrao who facilitated a highly competitive marketing process where they sourced the buyer, Minnesota-based affordable housing developer, Dominium. The site is zoned and entitled for up to 150 garden-style apartments units with construction anticipated to begin in the coming months.

“This project is a great example of how the development community continues to focus on helping meet the affordable housing needs of local Charlotte residents,’ said Liebich. “Ron Corrao and I were happy to play a part in the process, and we’re looking forward to seeing a safe and stable community at a great location come to life.”

“We’re proud to bring a best-in-class affordable housing development to the Queen City, and we’re looking forward to seeing future residents benefit from a thoughtfully designed community at a location that offers enhanced connectivity and a variety of nearby commercial services and retail amenities,” said Dominium Vice President of Development, Terry Sween.

Surrounded by retail and dining options, the development site boasts easy access to three of the most well-traveled major roadways in Charlotte: US-74 (Independence Boulevard), Interstate-77, and Interstate-485. Additionally, it is situated in the path of the future LYNX Silver Line light rail and US-74 expansion projects, which will provide future residents with further connectivity to the entire Charlotte MSA.

The development site also benefits from proximity to the burgeoning east Charlotte suburb of Matthews, which offers a wide variety of family-friendly entertainment opportunities, featuring boutique retail and dining options, local parks, and recreation centers. Matthews sits in the path of future growth as the expansion to Independence Boulevard and the light rail will serve to make travel times to Matthews more efficient and reliable.

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