towns-at-north-main

Opportunity

Towns at North Main is a 27-acre townhome development site that sits in the fastest growing submarket in the country. Re-zoning was approved in February of 2025 for 166 townhomes plus a full amenity set. Conveniently located at the corner of Azalea Road and Landis Highway (N.C. 152), the site provides access to major employers in the Charlotte MSA and lifestyle amenities of the Lake Norman submarket.

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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. © 2025 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

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

Investment Sales

Mortgage Banking

Christopher Ellis

Senior Managing Director 303.689.8317 christopher.ellis@berkadia.com

Josh Finley

Director 404.654.2594 josh.finley@berkadia.com

Adam Erickson

Associate Director 404.654.2596 adam.erickson@berkadia.com

Caleb Troop

Senior Managing Director 314.607.3481 caleb.troop@berkadia.com

Thomas Colaiezzi

Director 901.603.8590 thomas.colaiezzi@berkadia.com

Matt Robertson

Associate Director 919.812.3174 matthew.robertson@berkadia.com

RENDERING

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:

Abundance of High-Quality Jobs Towns at North Main sits within proximity to major employment nodes in the Mooresville area.

Proximity to North Main Park Towns at North Main is conveniently located within close walking distance to North Main Park. Future residents will have access to the 10-acre park, which provides the community a half-mile walking trail, outdoor play area, three baseball fields, and a batting cage.

Top-Notch Education System The Mooresville Graded School District consistently ranks as a top 10 school district in North Carolina and is ranked #5 for 2025. This development site is also located 15 minutes from one of the premier private universities in the South East, Davidson College. The schools districted to Towns at North Main are listed below. Park View Elementary - 8.3/10 rating East Mooresville Intermediate - 8.1/10 rating Mooresville High School - 7.3/10 rating

Tremendous Population Growth Mooresville was recently named the #1 fastest growing suburb in the country from a recent study conducted by GoBankingRates. Since 2019, Mooresville’s population has surged by nearly 50%. Proximity to Charlotte, affordable real estate, and new development across all asset classes have made the Mooresville market an appealing re-location destination.

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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

166 Units

2-story rear-loaded townhomes; with an amenity set (pool, clubhouse, courtyard)

4677163439, 4677068490, & 4677078031 (~28 acres, 5.99 DUA)

50' x 22.5'

500 spaces (166 garages)

Phase 1, TIA, Survey (in Document Center)

No. of Total Units

Product

Parcel ID

Lot Width

Parking

Site Work Bid Complete?

DD Complete

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LOCATION

John Bray

Senior Managing Director 404.654.2595 josh.bray@berkadia.com

Richard Levine

Senior Managing Director 404.654.2590 richard.levine@berkadia.com

Towns at North Main Development Site

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