Special to IFN

Berkadia on Monday announced today the sale of Townes at Lake Norman, a 116-lot townhome development site in Mooresville.

Managing Director Caleb Troop, Director Thomas Colaiezzi and Associate Matt Robertson of Berkadia Charlotte led the transaction on behalf of the seller, North Carolina-based Evolve Companies.

Townes at Lake Norman sold for $14.5 million, or $125,000 per lot. The sales price reflects fully developed pad-ready townhome lots. The identity of the buyer was not undisclosed.

“We received 20 offers during what was a highly competitive marketing process for this valuable site in Lake Norman,” said Troop. “Opportunities for well-located suburban residential sites in this pocket are hard to come by.”

Located at 752 River Highway (Highway 150), the site is proximate to an abundance of retail off an Interstate 77 interchange with short commutes to various amenities like lake access, schools and employers. The seller is expected to deliver a multi-family community called Evolve at Lake Norman within the masterplan that includes the 116 lots. First units for the apartment component deliver later this month, and the property will be managed by Hawthorne Residential.

About Berkadia

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, visit www.berkadia.com.