Coldwell Banker Commercial Realty brokered the $3.4 million sale of 3.5 acres of multi-family-zoned land (TOD zoning) in Charlotte, North Carolina, that will be used to develop an affordable apartment complex of 200 units.

Ryan Pilsy of Coldwell Banker Commercial Realty represented the seller, Kilbros3 LLC, for the property at 5703-5707 North Tryon Street. The Annex Group purchased the property, utilizing their own representatives, Joy Skidmore and Ryan Clark. The transaction price equated to $958,067.42 per acre.

Pilsy said the project took two and a half years from contract to close, “It was a long, difficult but rewarding process working with the City of Charlotte, Bank of America, and the North Carolina Housing Financing Authority (NCHFA)”.

This is The Annex Group’s second acquisition and affordable housing development in the Charlotte market.