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Monday, June 5, 2017

The Chavis Farm is 29.64 acres located in North Raleigh and represented one of the last large tracts of developable land in the North Raleigh area. Located at the corner of Ray Road and Howard Road, the property consists of several tracts previously owned by the extended members of the Chavis family. Originally zoned R-4, AGNC prepared a variety of development scenarios designed to maximize the per-acre price of this assemblage. Throughout the process, AGNC assisted the family assuring a clear understanding of development costs and processes. This, in turn, enabled the family and AGNC to maximize the market value of the property throughout the marketing and sales process. Following a 3-month selective marketing campaign, AGNC solicited seven letters of intent from a variety of parties including national, regional and local builders and developers. In consultation with AGNC, the Chavis family selected a large local builder to develop this important and highly desirable piece of land. The property closed in 2014 and Stonehenge Manor is a successful residential neighborhood in North Raleigh with homes in the $500,000- $600,000 range. Representing one of the highest per acre prices paid in Wake County for residential land, we are proud of the result we were able to achieve for the Chavis family.