NRP Properties Purchases NoDa Site for Development of New 392-unit Apartment Community
Land Advisors Organization’s Charlotte team facilitates $11.2M sale of 4.5-acre opportunity zone parcel.
Charlotte, North Carolina (Sept. 25, 2023) – Land Advisors Organization’s Charlotte office recently completed the sale of more than 4.5 acres located at 3934 Raleigh Street in Charlotte, North Carolina for $11.2M. NRP Properties LLC purchased the parcel from Triple Crown LLC and plans to develop a 392-unit multifamily community on the NoDa site, in partnership with Texas-based real estate investment firm Canyon Partners Real Estate.
Hayes Faulkenberry and Forde Britt with Land Advisors Organization represented the seller in the transaction. The site is located within an opportunity zone and in close proximity to the Charlotte Light Rail and its Sugar Creek Station. Future residents will enjoy being at the nexus of several infill neighborhoods such as NoDa, Villa Heights, and Belmont.
“Getting to the finish line on this deal, in these challenging times, involved hard work from each of the parties involved and demonstrates how committed to making the development a reality in this neighborhood everyone truly is,” said Faulkenberry. “This property is particularly special to me because the landowner was my very first cold call when I started working at Land Advisors Organization five years ago. To see this positive outcome makes all of the hard work worthwhile and rewarding.”
The new multifamily residential community, called Abernathy Lofts, will include a resort-style pool, large community outdoor area with private dining and grilling stations, coworking pods, a fitness center and dog park. Additionally, the development will include a 509-space parking structure. Construction of the new NoDa apartment community is expected to begin soon and slated to complete in the second quarter of 2026.
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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PattyJohnson@Connections-marcom.com or 602.402.2965