CHARLOTTE, NC—Capstone Land Sales has brokered the $1.35 million sale of a 15-acre multi-housing land site in east Charlotte. The land will be used to develop an affordable apartment community to be named Barrington Woods. The development site is entitled for up to 255 units, with construction planned to begin in Fall 2020.
Capstone’s Ron Corrao and Eric Liebich sold the land on behalf of a local seller to Winterwood Property Management, who is based out of Lexington, KY.
“The development of new affordable housing units within the immediate submarket is a positive step forward for future residents, particularly during these unprecedented and challenging times.” said Eric Liebich. Added Corrao, “Winterwood’s construction of a high-quality asset with affordable rents will help stem the tide of continued rent increases and the loss of affordability for lower income tenants throughout the Charlotte metro.”
The site is located off Milton Road near the intersection of Sharon Amity Rd and East W.T. Harris Blvd. It benefits from proximity to East Town Market shopping center, which is home to Compare Foods, Walgreens, and several quick service restaurant options. Additionally, the site is approximately 0.1 mile from a bus stop, with easy accessibility to Plaza Midwood, University City, NoDa, and Uptown.
Winterwood is eager to break ground on the development and help fill the growing void of affordable housing in the Charlotte area. The city’s explosive growth has led to a sharp increase in demand for apartment homes. Rental rates continue to climb in the metro area despite new multi-family housing communities being added to the market. As of this month, over 12,900 rental units were under construction in the Charlotte MSA, but it is unclear how many of these units will fall within the affordable range upon completion.