Jim Dixon Of Arlington Properties Acquires 3.9 Acre Development Site In Charlotte For $9M
7220 North Tryon Street
$9,000,000
Units
334
Asset Type
Development Site
Closing
Jun 26, 2026
AI
A 3.9-acre development site located at 7220 North Tryon Street in Charlotte, NC has been sold for $9 million. The asset is positioned across from Charlotte’s University City Boulevard light-rail station, which is strategic for development purposes. The buyer, Arlington Properties, plans to construct a seven-story apartment project named Arlington North Tryon Apartments on this site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,000,000
- Buyer: Jim Dixon - Arlington Properties
- Seller: McKinney Holdings
- Property Size: 3.9 acres
- Market: Charlotte, NC
This transaction was notable as Arlington Properties secured a $66.3 million construction loan from Old National Bank to finance the project. The Arlington North Tryon Apartments project received city approval just last month and is one of four development initiatives by Arlington in the Charlotte area.
Players
Charlotte Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93