Case Study
Overview
Foundry represented four separate north Charlotte property owners selling a 45-acre assemblage in a two-phased sale.
Location
Ridge Road
Charlotte, NC
ASSIGNMENT OVERVIEW
Foundry represented four separate property owners selling a 45-acre assemblage in a two-phased sale. The site is located in a high-growth north Charlotte suburb. Each of the properties were the primary residences, or a portion thereof, of the property owners, all of whom had lived in their respective homes for decades.
CHALLENGES
The sellers wanted a quiet marketing process without a complicated bidding situation, as opposed to a widely publicized marketing campaign with a Call for Offers process. The sellers also needed to achieve certain pricing in order to be able to satisfy tax obligations due to the decades’ long ownership and still have sufficient funds left to afford purchasing a new home and relocation expenses without taking on heavy debt. To achieve the best possible value, any sale would require rezoning to a higher density residential product.
STRATEGY
Foundry identified a townhomes community as the highest and best use, based on our analysis of market conditions, optimum chances for a successful rezoning, and the ability to achieve pricing that the sellers needed to achieve. Foundry privately marketed the opportunity to a short list of our best townhome builder relationships, seeking a best and final.
RESULTS
The result was a successful rezoning and closing at over $4,000,000 collectively, during the COVID pandemic and at values that exceeded each seller’s expectations.