Capstone Land Sales Completes $4M Charlotte Site Transfer for Upcoming Multifam

Capstone Land Sales has closed the $4.4 million sale of a 19.1-acre development site at 3245 Statesville Avenue in Charlotte, NC. The site is within one of two Qualified Opportunity Zones found in the Charlotte MSA, which will allow the project to qualify for certain tax incentives designed to drive long term capital investment into up-and-coming areas.

A Capstone team represented the seller and sourced a new-to-market developer that took the site through the City of Charlotte’s rezoning process to obtain a zoning designation of R-22MF. This action the site for up to 350 garden-style apartment units with construction anticipated to begin in the coming months.

“The economic demand drivers that the greater Charlotte MSA presents to the development community have proven to be resilient over the past 24 months,” said Eric Liebich of Capstone. “This project is a great example of how the City of Charlotte continues to garner the interest of out-of-state investment.”