University Area Apartment Community Set to Break Ground

CHARLOTTE, NC—Capstone Land Sales has arranged the $4.82 million sale of a 17.66-acre multi-family development site in the red-hot University City submarket of Charlotte, North Carolina. The site will be the future home of Spire Apartments: a 288-unit Class-A market rate garden-style apartment community.

Capstone’s Caleb Troop and Bryse Toothaker represented the seller, K Sade Ventures LLC, and procured the buyer, Indianapolis-based Herman & Kittle Properties (HKP). A prolific developer of more than 150 communities throughout the south and Midwest, the project marks HKP’s first ground up development in the Charlotte market.

“We are ecstatic to begin this community in the booming northeast Charlotte corridor,” said HKP President and CEO Jeff Kittle. “The COVID-19 pandemic has continued to accelerate the in-migration trends the city has been seeing, and we expect this latest community will help meet the quality housing demands that so many residents are seeking.”

Construction is scheduled to begin in January, with first units delivering during the summer of 2022.

“Demand from developers to build multi-family product in the University Area submarket continues to be robust,” said Troop, the lead broker on the sale. “This project offers Herman & Kittle a location with incredible visibility and access to I-485, proximity to the Harrisburg submarket, and a multitude of employment drivers within a 15-minute commute.”

Spire Apartments will be part of a larger 95-acre master planned community, which will also include approximately 200 for-sale single family homes.

Please contact Caleb Troop at caleb@capstone-companies.com for more details.

Leave a Reply

Your email address will not be published. Required fields are marked *