About the Property
Belton Street Homes is a 7.5-acre for-sale residential development located in the Sedgefield neighborhood of Charlotte. With 65 paired villa and single-family residences, the property is uniquely positioned off the major corridor South Boulevard on a quiet street, yet only a few minutes’ walk from breweries, restaurants, grocery stores, retail shops and the light rail in the Historic South End District.
Finding a property in this in-demand location was rare. Developing it turned out to be extremely complex. This residential street was lined with dilapidated single-story duplexes built in the 1940s. Beauxwright coordinated an assemblage of 7.5 acres consisting of 26 separate lots owned by 11 different sellers. By acquiring the majority of the lots on the street, Beauxwright was able to remove restrictive covenants, which limited construction of new homes to 1.5 stories, and was able to unlock significant value as a result. Our team navigated a complicated due diligence process under difficult time constraints, posting a significant non-refundable deposit and closing in less than 90 days.
During that closing period, we completed the environmental review, Brownfields application, preliminary site planning and soils investigation, executed a lot purchase agreement with a national homebuilder, secured construction financing, raised high-net-worth equity, and finalized all closing requirements to acquire the property. After closing, Beauxwright completed the subdivision and development process, delivering the first lots to the homebuilders, Pulte Homes and David Weekley Homes, within seven months.
The drastic appreciation throughout the home sales process of Belton Street Homes represents Beauxwright’s strong capability in identifying locations, conceptualizing a desirable community, executing a complex business plan and creating significant value.