Cushman & Wakefield has arranged the sale of a ± 17-acre land site in Maiden, North Carolina that is slated for a 240-unit multifamily development project named Catawba Village.
Battle Smith, Alex Phillips, Austin Green, and Alex McDermott of Cushman & Wakefield represented the seller, North State Development, LLC, in the transaction.
North State Development, a Cornelius-based private real estate development and investment firm, had acquired the land and obtained zoning and entitlements for a 240-unit apartment complex. With a long-standing commitment in North Carolina, North State Development currently has over $175 million in ongoing projects in Charlotte, Huntersville, Mooresville, Denver, Hickory, Lincolnton, and Asheville.
The land site was acquired by construction company Inch & Co. who will serve as the owner/developer for the Catawba Village multifamily project. “Inch & Co. has made a great addition to their expanding portfolio of over 4,900 units by closing their first deal in the Carolinas. Catawba Village is positioned to benefit from the continued northwestern growth of Charlotte and the Lake Norman area, while capitalizing on current development barriers for multifamily product in the surrounding Mooresville and Denver areas. It was an honor to be a part of this transaction and we are excited to see Inch & Co.’s plans for a 240-unit apartment complex come to fruition,” said Battle Smith, Associate at Cushman & Wakefield.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
