35 Acres in Kannapolis, NC Purchased for $1.15M, Slated to Become New Multi-family Development
Transaction paves the way for 266 apartment homes in dynamic, growing Kannapolis submarket.
Charlotte, North Carolina (Sept. 26, 2022) – Land Advisors Organization’s Charlotte office represented the buyer in the $1.15 million purchase of nearly 35 acres in the dynamic and growing Kannapolis submarket. The site, which buyer Faststache LLC plans to develop into a multi-family development comprising 266 apartment homes, is located in Kannapolis. The community will include a mix of one-, two- and three-bedroom homes with a community clubhouse and ample open and park space
Kannapolis and Cabarrus County has experienced tremendous industrial and residential growth in recent years on account of an expanded interstate 85, pro-business environment, and quality of life.
The purchase of the site was exclusively handled by Forde Britt, residential land advisor with Land Advisors Organization’s Charlotte office. The seller was the Lewis K. Brantley Trust (Principal Richard Locklear).
“There is incredible growth and market interest in Cabarrus County,” said Forde Britt with Land Advisors Organization. “The dynamic submarket faces challenges related to sewer capacity issues, but we were able to rezone the land within the objectives of the Kannapolis land use plan to position the site for development as soon as sewer is available. The rezoning allows the end user of the site to provide the community much needed new housing options and we were pleased to be able to assist.”
The Charlotte office of Land Advisors Organization opened in May 2018. Since then, the team of advisors have facilitated more than $150M in land transaction services, including over $65M to date in 2020. The team works closely with landowners, home builders and developers to arrange land sales in highly desirable urban in-fill areas as well as throughout Charlotte’s surrounding suburban submarkets. Because of their in-depth knowledge of the area, including population growth trends and understanding of the challenges associated with development in historic areas, the Charlotte advisory team dedicates time to working through myriad issues on the front end to help expedite deals. They are also known for having insights into properties prior to coming on-market and bringing together parties with shared goals to support positive development in the area, which they call home.
About Land Advisors Organization
Founded in 1987, Land Advisors Organization is the nation’s largest land brokerage firm specializing in providing deep market insights to landowners and purchasers for the most comprehensive and effective evaluation of land in markets across the country. By integrating current local market information with cutting-edge technology and geographically specialized professionals, Land Advisors Organization advises clients in identifying and capitalizing on valuable land opportunities in all economic environments. Land Advisors Organization serves landowners and purchasers from offices in Phoenix, Tucson, Casa Grande and Prescott, Arizona; Irvine, San Francisco, Century City, Pasadena, Roseville and San Diego, California; Orlando, Tampa, and Jacksonville, Florida; Boise, Idaho; Kansas City, Kansas; Las Vegas, Nevada; Albuquerque, New Mexico; Charlotte, North Carolina; Atlanta, Georgia; Austin, Houston and Dallas-Fort Worth, Texas; Salt Lake City, Utah and Seattle, Washington. Stay connected on Twitter, Facebook and LinkedIn.
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Media Contact: Patty Johnson, Connections Marketing & Communications
PattyJohnson@Connections-marcom.com or 602.402.2965