Northmarq facilitates $4.75M sale of 35-acre development tract located in greater Raleigh MSA
FUQUAY VARINA, N.C. — Northmarq’s Investment Sales team led by Eric Liebich, Ron Corrao, Dane Lozier, Scott Fuller, and Matthew Weinstein successfully facilitated the $4.75 million sale of Arbor Preserve, an approximately 35.3-acre development tract located at 8537 Lake Wheeler Dr. in Fuquay Varina, North Carolina, a submarket within the Raleigh/Durham MSA.
Northmarq represented the seller, a private landowner, in the off-market transaction and sourced the buyer, Mungo Homes, a residential homebuilder based in Irmo, South Carolina.
"We’re thrilled to bring these two parties together,” said Eric Liebich, managing director at Northmarq. “It’s been a unique 24 months in the suburban townhome space, and well-located sites that have strong demand drivers in-place, such as Arbor Preserve, make for a great opportunity to groups actively developing in the current market.”
The site is located at the northeast intersection of Highway 540 and Lake Wheeler Drive, roughly 20 minutes south of downtown Raleigh. Nearby U.S. 401 provides access to a variety of shopping, dining and everyday commercial services. The property is also near Lake Wheeler Park and Hilltop Needmore Town Park, offering a range of recreational amenities for future residents. The community is currently aligned to Yates Mill Elementary School, Holly Grove Middle School and Middle Creek High School.
Horizontal site work and construction are expected to begin in the coming weeks. Plans call for the development of 119 residential lots, including 60 townhomes with one-car rear-loaded garages, 25 row homes with two-car rear-loaded garages, and 34 detached single-family homes with two-car front-loaded garages. The detached single-family homes will include 12 homes built on 40-by-60-foot lots and 22 homes on 40-by-70-foot lots.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
