CHARLOTTE, NC—Capstone Land Sales has closed the $8.9 million sale of a ±21.34-acre development site located just west of Uptown Charlotte near the intersection of Marlowe Ave and Weyland Ave in the rapidly growing Ashley Park corridor. The site consists of six (6) parcels zoned R-17MF and R-22MF, allowing for multi-family development under the current zoning between 17 to 22 dwelling units per acre. The site is located north of the planned LYNX Silver Line light rail extension at 2730 Marlowe Ave and 1900 Weyland Ave—centrally located between Uptown Charlotte and the Charlotte Douglas International Airport.
Capstone’s Director of Multi-Family Investment Sales, Eric Liebich, and Managing Director, Ron Corrao, facilitated the sale on behalf of the seller and sourced the buyer, Dallas-based Trammel Crow Residential (TCR), who will break ground in Q1 2023, as well.
“It has become increasingly more difficult to find zoned and entitled multi-family land in the Charlotte MSA outside of Uptown and South End,” said Director, Eric Liebich. “The in-place zoning paired with the site’s convenient access to the main thoroughfares of Wilkinson Blvd and the I-77/I-277 highway loop make this an ideal site for multi-family development,” he added.
“The immediate proximity to Uptown, the airport, and Charlotte’s major employers drew us to this location,” said TCR Managing Director, Justin Adams. “We’re excited to see this project come to life, and for future residents to benefit from the various incoming commercial, retail, and residential projects planned for development within the Ashley Park corridor,” he added.
The project, to be named Allora Ashley Park, marks TCR’s fifth development in the Charlotte MSA and will consist of 348 market rate garden-style apartment units across a mix of one-, two-, and three-bedroom floor plans. In east Charlotte, TCR is under construction on a 201-unit garden-style apartment community named Wallace Park which is being developed under their “Allora” brand—the firm’s attainable workforce housing product. Previously, TCR developed Alexan Optimist Park, a luxury 238-unit apartment community in Charlotte’s trendy Mill District, which they sold in November 2020. They are currently underway on a second phase of that project next door to Alexan Optimist Park and directly adjacent to Optimist Hall.
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.