CHARLOTTE, NC - Cushman & Wakefield announced that the commercial real estate services firm has arranged the $58,000,000 sale of The Coves at Lake Wylie, a premier lakefront residential development site with 499 fully permitted residential lots. The 162-acre project is in The Palisades, one of the most sought-after suburban neighborhoods in Charlotte, and is the last undeveloped community of its scale within the master-planned development. The Coves at Lake Wylie will also be ideally situated near national retailers, grocers and a variety of restaurants and just 30 minutes away from Charlotte’s city center, offering unmatched accessibility.
Alex Phillips, Andy Slowik, Battle Smith and Sparling Davis of Cushman & Wakefield represented the seller, Drapac Capital Partners, in the transaction. The property was acquired by Taylor Morrison and sold with an approved Land Disturbance Permit (LDP), providing the rare opportunity for development to begin immediately.
"Taylor Morrison will deliver a one-of-a-kind community with a mix of townhomes, detached single family, and lakefront options. This unique development, positioned in a supply-constrained submarket, will bolster The Palisades’ appeal,” said Phillips, Director within Cushman & Wakefield’s Sunbelt Multifamily Advisory Group. “We are excited to see their vision for the site come to life and thrilled to have played a small part in helping deliver a project that will continue to raise the bar in South Charlotte and provide Taylor Morrison with years of future pipeline. What really set the Coves at Lake Wylie apart is the years of effort put in by Drapac Capital Partners to mitigate all controllable risk and deliver a fully approved site. Thereby allowing builders to focus on their vision for the site and an opportunity to deliver on the vision in short order.”
“Demand for infill residential land in the Charlotte market remains strong, attracting both regional and national buyers,” said Slowik, Managing Director and Lead of Cushman & Wakefield’s National Land Advisory Group. “The site’s waterfront location on Lake Wylie, in a high-barriers-to-entry A+ submarket, offers rare scale for homebuilders. Its appeal comes from controlling years of pipeline in a prime location. This scale is a trend we’re seeing on a macro level. Homebuilders are shifting away from smaller, one-off projects, and shifting toward larger projects that offer the ability to build multiple product lines, gain construction efficiencies on both the horizontal and vertical aspect, and offer a centralized marketing effort which will help mitigate risk, fueling continued focus on large-scale projects in supply-constrained markets.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 90-person investment sales team covering 15 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2024, the group closed $5 billion in sales volume through 172 deals and 28,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com