University City Townes

Capstone is pleased to present University City Townes, a 1.81-acre development site with highly desirable N2-B zoning in place, allowing for no DUA/density restrictions by-right under the current zoning. Utility connections for both sewer and water are available at the site, and the in-place zoning will allow a builder to develop for-sale or for-rent product by-right without having to go through a rezoning process. The University City Townes offers developers optionality with their development approach as both for-sale and for-rent products are proven in this corridor. Nearby for-sale new construction townhomes at Hemphill Heights and Fifteen 15 Cannon have proven sales in the +$350,000 range. Additionally, the new construction townhome community branded “Senata at Research Park” currently under construction by Taylor Morrison that is directly adjacent to the subject site is targeting a retail price point in the upper $400K/low $500K range–providing a “look to” comparable community as a baseline for University City Townes. Additionally, average rents in the University City/North Charlotte submarket are strong, clocking in at an average per-unit market rent of $1,560 and $1.57 per square foot. University City Townes sits in an ideal location, just 5 minutes from the University City district. This district is home to shopping centers that house major chains such as IKEA, Top Golf, Sam’s Club, and more. The University of North Carolina at Charlotte is also within close proximity, located only 7 minutes away from the site. The University of North Carolina at Charlotte has a total enrollment of over 29,000 students with over 3,500 employees. UNC-Charlotte is a commuter campus, meaning over 70% of students do not live on campus and would live 5–10 minutes away. University City Townes is well positioned to take advantage of the high demand for quality townhome living in one of the most sought-after submarkets in Charlotte MSA.

Investment Highlights:

By-Right Zoning and Utilities in Place

Proven New Construction Townhome Submarket

Proximity to University City Retail Center