TriGate and Suncrest Acquire 622 Acres of Residential Land in Charlotte

TriGate Capital and Suncrest Real Estate and Land jointly acquired two single family residential land assemblages within the greater Charlotte MSA. Presley, a 245 acre tract located in Gastonia, one of the fastest growing submarkets in Charlotte, is entitled for 611 single family lots and has its first phase of 411 lots contracted with DR Horton and Meritage Homes. Presley will appeal to first time homebuyers with an average price point between $250,000 and $350,000. Sugar Creek, located adjacent to the premier Ballantyne submarket in south Charlotte, is a 377 acre tract and entitled for 510 detached single family residences and 228 townhomes. Sugar Creek is contracted with Taylor Morrison and Meritage Homes and will be targeting a price point between $250,000 and $650,000.

“This acquisition represents the first joint venture acquisition for TriGate with Suncrest and we are excited to team up with a best-in-class developer in a fast growing residential market such as Charlotte”, said Adam Aultz, Vice President at TriGate. “Charlotte is a target market for us and we believe that the market is substantially undersupplied with lots and will provide excellent returns on our invested capital.”

Sean Cooney, Managing Partner at Suncrest stated: “We are excited to partner with TriGate on these attractive land parcels that have generated strong home builder interest”.