MPV recently completed the sale of approximately 64 acres in University City which will be used for multi-family housing. This sale was the most recent of other land sales that have been completed by MPV’s Justin Holofchak, who represented IBM in transactions totaling approximately 310 acres in all.
Charlotte Business Journal covered the most recent sale in the following article, published on November 14, 2022: https://www.bizjournals.com/charlotte/news/2022/11/14/related-group-buys-64-acres-university-land-ibm.html
IBM sells 64 acres in Charlotte’s University area to Miami developer with plans for hundreds of apartments
Miami-based Related Group is gearing up for its next multifamily project in Charlotte following the purchase of 64 acres in the University City area.
The developer purchased the property at 6540 University City Blvd. from IBM Corp. (NYSE: IBM) for $14.5 million, Tommy Trimble, Foundry Commercial senior vice president for brokerage services, told Charlotte Business Journal. The sale closed on Oct. 17, according to Mecklenburg County real estate records.
Trimble represented Related Group in the transaction. The seller, IBM, was represented by MPV’s Justin Holofchak.
Plans for the property include up to 450 apartment units and up to 150 townhomes, Trimble said.
“The location there, near all the daytime activity and shopping, right off (Interstate) 85, made it a good location for the product that they want to build,” he said.
Charlie Humphreys, Related Group’s vice president of development, was not available for comment today.
Related Group is also working on a multifamily project in SouthPark where it plans to build a 150,000-square-foot mixed-use development where Trianon Condominiums currently stands. The developer filed a petition with the city of Charlotte in May to rezone 9.1 acres at Colony, Rexford and Roxborough roads and replace the 50-year-old condo development with 55,000 square feet of office space, 60,000 square feet of retail space, 730 multifamily units and 18 to 24 townhomes.
