Coldwell Banker Commercial Realty Seals Deal For 200 Affordable Housing Units in Charlotte
CHARLOTTE, N.C. (July 3, 2025) – Coldwell Banker Commercial Realty is pleased to announce the $3,353,236 sale of 3.5 acres of multi-family-zoned land (TOD zoning) in Charlotte, North Carolina that will be used to develop an affordable apartment complex of 200 units.
Ryan Pilsy of Coldwell Banker Commercial Realty represented the seller, Kilbros3 LLC, for the property at 5703-5707 North Tryon Street. The Annex Group, which purchased the property, utilized their own representatives, Director of Development Joy Skidmore and Senior Vice President of Development Ryan Clark. The transaction price equated to $958,067.42 per acre.
Pilsy said that the project took two and a half years from contract to close. "It was a long, difficult but rewarding process working with the City of Charlotte, Bank of America, and the North Carolina Housing Financing Authority (NCHFA)," said Pilsy. "We were able to work effectively with both the seller and buyer (The Annex Group) throughout the process to obtain all necessary permits and approvals in order to close this deal in June and provide the City with the Affordable Housing that it desperately needs."
The Annex Group is well-versed in Affordable Housing development, and this is its second acquisition and development in the Charlotte market. Pilsy said his client was excited to sell the property to the Annex Group and help bridge the Affordable Housing gap within the Charlotte Market.
For more information, contact Ryan Pilsy at (980) 339-9174 or ryan@pilsycre.com.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial Realty, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises of nearly 200 independently owned and operated affiliates as well as owned brokerage and more than 3,000 professionals in 40 countries. For additional information, visit www.cbcworldwide.com.
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Media Contact: Kevin J. Guhl, kevin.guhl@cbrealty.com 973-407-5916
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