the-crossway-district

Opportunity

The Crossway District is a 191-acre site, the largest remaining zoned but undeveloped residential area within the I-485 loop of Charlotte. Much of the heavy pre-development work has already been completed, making it ready for development. Conveniently located at the I-85 and I-485 interchange, the site provides easy access to major employers in the Charlotte area, including UNC, Wells Fargo, Atrium Health, and Bank of America, among others. New ownership has the opportunity to pursue a full development plan across all nine parcels, as the site was re-zoned in 2023 for 2,000 residential units, including both single-family and multifamily options.

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

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Charlotte Office

4201 Congress Street Suite 200 Charlotte, NC 28209

Investment Sales

Mortgage Banking

Christopher Ellis

Senior Managing Director 303.689.8317 christopher.ellis@berkadia.com

JIM SEWELL

Senior Managing Director 843.806.4400 jim.sewell@berkadia.com

Caleb Troop

Senior Managing Director 314.607.3481 caleb.troop@berkadia.com

Mark Boyce

Senior Managing Director 843.628.3765 mark.boyce@Berkadia.com

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Willow Ridge is located one mile from Palmer Park which is Colorado Springs largest greenspace with over 730 acres of parks and 25 miles of hiking trails.

Minutes from Palmer Park:

The property sits a couple blocks from Academy Blvd, which is one of Colorado Springs main North/South thoroughfares. Academy Blvd is lined with restaurants, grocery stores, and big box retailers.

Proximate to Retail:

Willow Ridge has been owned by the same owner for 18 years.

Long Term Ownership:

Current management is operating the property with a 57% expense ratio. Via professional management, a new owner should be able to see significant cost savings in controllable expenses.

Operational Upside through Controllable Expenses:

Current ownership has maintained the property exceptionally well. Capital improvements in recent years include four new boilers, all vinyl windows, new siding & stucco repair work, new landscaping, and a new parking lot resurface. The roof was replaced in 2024 and ownership is currently replacing all electrical panels at the property.

Significant Capital Improvements Complete:

The property currently has 35 storage units that new owner could grow top line revenue by charging $25/month for storage.

Increase Revenue via Rentable Items:

Current ownership does not charge for pet rent and a new owner can charge up to $35/month per pet in addition to a $200 pet deposit per pet.

Operational Upside in Other Income:

The property is a mile from Palmer Park, a 15-minute drive to Downtown Colorado Springs, a 15-minute drive to the Colorado Springs Airport, and a 15-minute drive to Interstate 25.

Central Colorado Springs Location:

Willow Ridge contains eight tuck-under parking spots that are rented for $25/month and are consistently full. Due to demand, a new owner can raise parking rents up to $50 or $75 per month per tuck under parking space.

Tuck Under Parking:

Proximity to Job Hubs The location offers exceptional proximity to key job hubs in the Charlotte area. Situated near major employers such as UNC, Wells Fargo, Atrium Health, and Bank of America, residents benefit from easy access to a wealth of job opportunities. This strategic location not only enhances the convenience of daily commutes but also supports a thriving local economy. With its ideal positioning, this site is poised to attract professionals seeking a balance between work and residential living in a dynamic, growing region.

Proximity to UNC Charlotte :Ability to assume the The Crossway District is located less than 3 miles from UNC, the second-largest university in North Carolina, which has an on-campus housing capacity of 6,000, creating a demand for over 24,000 additional units. This prime location not only offers easy access to a vibrant campus life but also contributes to a $2.1 billion economic impact in the area. The district is well-positioned to attract residents and businesses, capitalizing on the growth driven by the university and its surrounding amenities.

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OPPORTUNITY

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101 Parkview Court | Wiggins, CO, 80654 | Morgan County

Central Air Conditioning

Domestic Hot Water Heaters

Forced Air Furnaces

Individually Metered

$300/month

Cooling

Mechanical Systems

FEES

PARKING

UTILITY BILLUNG STRUCTURE

Hot Water

Heat

Gas

Electric

Water/Sewer

Pet Deposit

$35/month

Pet Rent

109 Surface Spaces

Parking

2.27/Unit

Parking Ratio

191

2,000 

Mx-2 and R-12MF(CD)

02911102, 02911103, 02911104, 02911106, 02965106, 02965107, 02904108

Yes 

15% 

1.5 spaces per unit (multifamily)

Number of Acres 

Number of Units 

Zoning 

Parcel Numbers 

Points of Egress

Water Capacity? 

Parking Requirement 

Tree Save 

None 

Permits in Place 

Complete 

Traffic Study? 

Complete, Clean 

Phase 1 

Complete

Topo Survey 

Development Highlights

LOCATION

Attractive Submarket Charlotte’s submarket is experiencing remarkable growth, projected to see a 23.2% population increase over the next five years, surpassing 11,200 residents by 2029. Household incomes are also on the rise, with a 16.5% increase expected, reaching a median of $83,988, and 33% of households earning over $100,000 annually.

Excellent Visibility and Seamless Connectivity Throughout Charlotte MSA Conveniently located at the I-85 and I-485 interchange, the site affords residents immediate access to Charlotte’s major employment and entertainment nodes. The Crossway District, which sits at a dedicated signalized intersection, also benefits from a high-visibility location north of W.T. Harris Boulevard, a highly-trafficked four-lane road boasting approximately 33,500 vehicles per day.

Raleigh Office

3700 Computer Drive Suite 315 Raleigh, NC 27609

Charleston Office

774 S Shelmore Blvd Suite 105 Mt Pleasant, SC 29464

Greenville Office

355 S. Main Street 1st and 2nd Floor Greenville, SC 29601

Blake Coffey

Senior Director 843.628.3766 blake.coffey@Berkadia.com

Thomas Colaiezzi

Director 901.603.8590 thomas.colaiezzi@berkadia.com

Matt Robertson

Associate 919.812.3174 matthew.robertson@berkadia.com

Josh Finley

Director 404.654.2594 josh.finley@berkadia.com

Adam Erickson

Associate Director 404.654.2596 adam.erickson@berkadia.com

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DAVID LANDSBURY

Senior Managing Director 843.806.4399 david.landsbury@berkadia.com