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Capstone Land Sales has closed the $4.4 million sale of a 19.1-acre multifamily development site in Charlotte, NC.

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.”


Inside The Story

Capstone Land Sales' Liebich

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
  • ◦Development