Capstone Closes $9 Million Sale of ±13.61-Acre Development Site in Greensboro, NC

Greensboro, NC—Capstone Companies has brokered the $9,000,000 sale of a ±13.61-acre development site in Greensboro, NC. The site is located at 829 Guilford College at the intersection of Guilford College Rd and Sapp Rd, directly adjacent to the Target-anchored Wendover Place Mall. The buyer is Raleigh, NC-based HHHunt, who will break ground later this year on a 360-unit, garden-style apartment community.

“HHHunt is excited to get started on another multi-family development project in the Triad,” said Land Acquisition Manager, Jack Scher. “There is high demand in the submarket for a thoughtfully designed, attainable rental community, and the site’s in-place multi-family zoning paired with its proximity to Greensboro’s major employers and retail services drew us to this location,” added Scher.

The Capstone transaction team was led by Capstone Partner, Ron Corrao, and Capstone Director of Multi-Family Investment Sales, Eric Liebich.

“Zoned and entitled multi-family land in the Triad has become increasingly difficult to find over recent years,” said Corrao. “Future residents will benefit greatly from the site’s ideal location, sitting within close proximity to a variety of retail and commercial services and combined with its immediate access to HWY I-40 as a main thoroughfare,” added Liebich.

The Guilford College Rd development site is comprised of 12 parcels totaling ±13.61 acres. Prior to selling, the previous owners proactively took the site through the rezoning process to allow for a higher density multi-family development. The development by HHHunt will consist of 360 market rate apartment units across a mix of three-story and four-story buildings, with the community featuring a clubhouse and pool.

 

Media Contact:
Jaclyn Chapman
Marketing Manager
jaclyn@capstone-companies.com

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