An out-of-state developer has snagged a site near Charlotte Motor Speedway for its first local multifamily project.
On Jan. 31, Tennessee-based J.A. Murphy Group bought a 6.2-acre site on Trevi Village Boulevard for $3.75 million, according to Mecklenburg County real estate records. The site will be home to a 209-unit, garden-style apartment complex, which is expected to break ground next month. The site is off North Tryon Street, just over a mile from the speedway.
“J.A. Murphy Group is excited to be getting started on our first multifamily development in the Queen City,” company founder John Murphy said. “The employment and population growth Charlotte continues to experience paired with the site’s proximity to Charlotte’s major entertainment venues drew us to the location. We continue to see high demand for thoughtfully designed communities across the Charlotte MSA and we’re excited to see the project come to life.”
The deal was announced on Feb. 11 by Capstone Land Sales, which brokered the land transaction. Capstone's Eric Liebich, Ron Corrao and Caleb Troop worked to facilitate the sale.
Prior to the J.A. Murphy sale, a group named Trevi Partners LLC owned around 45 acres off Trevi Village Boulevard planned for a mixed-use project called Trevi Village. Capstone announced on Feb. 11 that J.A. Murphy is also behind "a senior-focused development currently underway, as well as other commercial and retail outparcels available for future development," at the Trevi Village site.
“The site’s immediate access to I-485 as a main thoroughfare to Charlotte’s major employment nodes make Trevi Village an ideal location for a multifamily development,” Liebich said. “Future residents will also benefit greatly from the site being within close proximity to a variety of retail, amenities and other commercial services.”