Coldwell Banker Commercial Realty has announced the $3.4 million sale of a 3.5-acre parcel of land in Charlotte, North Carolina, which is slated for the development of a 200-unit affordable apartment complex.
The property, located at 5703-5707 North Tryon Street, is zoned for transit-oriented development (TOD). Ryan Pilsy of Coldwell Banker Commercial Realty represented the seller, Kilbros3 LLC. The buyer, The Annex Group, was represented internally by Joy Skidmore and Ryan Clark. The purchase price equated to approximately $958,067 per acre.
Pilsy noted that the transaction was the result of a two-and-a-half-year process. “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),” he said.
This project marks The Annex Group’s second acquisition and affordable housing initiative in the Charlotte market.
