Pineville, NC (October, 2018) – MPV Properties (MPV) is pleased to announce the sale of a 105-acre residential tract of land located in Pineville, NC. The property was purchased by Old East Ventures for $4.86 million at the end of August, and the new owner plans to develop lots for single family houses at the $275K – $325K price point. The development will feature a total of 299 units ranging in size from 1,883 – 2,511 SF, and a 2.5-acre amenity area, built by Meritage Homes.
“Meritage is excited about the community which will be named Preston Park and feature 299 lots that will serve a family buyer. The Town has long been a desired destination for families because of its employment access, schools, parks and nearby retail,” states John Lintner, Director of Land Acquisition with Meritage Homes.
Located within walking distance of the retail shops in downtown Pineville, the new neighborhood can be accessed off of Main Street (Highway 51) via Cranford Drive and Franklin Street. Construction on the site will begin by year end. Bailey Patrick and Bailey Patrick Jr. represented the Seller in the transaction.
MPV has been very active in the Pineville area over the past year with the sale of a 2-acre site at Cranford Drive and Highway 51 where townhomes are proposed, the sale of a 33-acre site for the construction of a 525,000 SF industrial building, and the purchase of a 10-acre commercial site in front of the thriving McCullough subdivision. All of these transactions serve to bolster business for the Town.
Elevations of planned single family homes at Preston Park courtesy of Meritage Homes
Cover image: New Meritage Homes Preston Park residential development site plan overlay in Pineville, NC
About Meritage Homes Corporation
Meritage Homes Corporation is an American real estate development company specializing in single-family detached homes across the United States. Headquartered in Scottsdale, Arizona, the company was founded in 1985 and is a publicly traded company today. Meritage Homes has invested millions of dollars in a relentless pursuit of building better, smarter, and healthier homes through money-saving energy efficiency, thoughtful design and higher building standards. For more information, visit www.meritagehomes.com.
About MPV Properties
MPV Properties is a leading commercial real estate firm in the Charlotte area with services in development, property management, investment, and office, industrial, retail and land brokerage. For more information, visit www.mpvre.com.