CHARLOTTE, NC—Capstone Land Sales has facilitated the $2.7 million sale of a 10.37-acre affordable housing development site just west of Uptown Charlotte’s urban core near the highly visible intersection of West Blvd and Dr. Carver Rd. Situated in both a Qualified Opportunity Zone (QOZ) and Qualified Census Tract (QCT), the site qualified for tax exempt bonds through the State of North Carolina, as well as other tax incentives designed to drive long-term capital investment into up-and-coming areas.
The Capstone brokerage team was led by Director of Multi-Family Investment Sales, Eric Liebich, and Managing Director, Ron Corrao. The Capstone team represented the seller in the transaction, and sourced the buyer, a Nashville-based, best-in-class developer and manager of multi-family housing.
“This project is a great example of how the City of Charlotte continues to focus on helping meet the affordable housing needs of its residents,” said Liebich. “Safe and stable communities near a variety of amenities and transit options are great examples of how the City of Charlotte and the development community continue to make quality affordable housing a main area of focus,” he added.
The project will feature 176 units and will be reserved for tenants earning less than 80% of the area median income (AMI).
Ideally situated just north of West Blvd off Dr. Carver Rd, the subject site offers convenient access to Wilkinson Blvd, I-77, and the Charlotte Douglas International Airport. The property boasts exceptional connectivity to multiple other areas of Charlotte, including the entertainment and employment nodes of Uptown, South End, and Lower South End (LoSo). The site also sits within proximity to the future LYNX Silver Line light rail corridor.