Northmarq facilitates sale of ±16.66-acre multifamily development tract located in Charlotte’s Noda Arts District

CHARLOTTE, N.C. — Northmarq’s Investment Sales team led by Eric Liebich, Ron Corrao, Adam Klenk, Scott Fuller, Matthew Weinstein, and Dane Lozier successfully facilitated the $12.4 million sale of the Atando Noda Development site, a ±16.66-acre multifamily development tract located at 200 Atando Avenue in Charlotte, NC.

Northmarq represented the seller, a private legacy landowner, through a competitive formally marketed process that resulted in numerous offers for various residential land uses. As part of the process Northmarq sourced the buyer, RangeWater Real Estate operating in partnership with ParkProperty Capital (PPC). RangeWater is an Atlanta-based, fully integrated, rental housing firm, focused on multifamily and build-to-rent properties throughout the United States. PPC is a private investment management firm dedicated to facilitating access to, and effectively managing, institutional-grade multifamily real estate investments across the US.

"We’re thrilled to have facilitated the process that brought these two parties together,” said Eric Liebich, Managing Director of Investment Sales at Northmarq. “Given today’s challenging capital markets environment, along with the rezoning and environmental aspects of the site, it was critical to identify a developer such as RangeWater and PPC who has a successful track record of developing similar sites throughout the Southeast, and we’re looking forward to seeing their project come to life in this pocket where revitalization continues to take place."

“The property’s proximity to ongoing development throughout Noda initially drew us to the site,“ said Craig Gearhart, Managing Director of Development at RangeWater. “The site’s connectivity to Charlotte’s urban core and the major thoroughfares nearby make this site an ideal location for residential development, and we’re excited to see future residents benefit from the projects thoughtful design at this location."

The site is located in Charlotte’s rapidly expanding Noda Arts District, and is situated at the east side of Atando Avenue, south of Robinson Crest and north of N. Tryon Street. The site sits within a Federally designated Opportunity Zone – a program aimed to drive long-term private investment and economic development in previously underserved urban and rural communities. Additionally, as a function of the site’s previous light industrial uses over the years, the site underwent environmental clean-up efforts prior to closing allowing the site to be formally accepted into the environmental Bronwfields Program which allows for certain tax incentives through the North Carolina Department of Environmental Quality (NCEDQ).

The development plans include seven buildings, including a clubhouse, and six residential buildings that are all four-stories and elevator-served. The project will feature 316 total residential units, all with balconies, consisting of a unit-mix that includes 40 studios, 164 one-bedrooms, 108 two-bedrooms and four three-bedroom units. The community will be fully amenitized, featuring an outdoor kitchen with flex lawn/green space, clubhouse gym, a putting green, outdoor pool, courtyard, fitness lawn, dog park, and EV and bicycle parking.

In 2023 roughly ±12.75-acres of the site was rezoned from the light industrial zoning (ML-2) that was in-place to Innovated Mixed Use (IMU) – a zoning designed to accommodate the moderate density residential use that will be in-place when the project is completed. The project will be developed on roughly 10-acres with the floodway portion associated with the creek that bifurcates the site being dedicated to the City of Charlotte. Future plans for the land dedicated to the City will be determined as part of the City’s long range planning process.