Case Study Overview

The Glennon

Idlewild identified a strategically positioned 52-acre site in Wendell, North Carolina, surrounded by established and emerging community anchors. Before closing on the $5.295 million acquisition, the team secured contracted sales totaling approximately $10.1 million for the multifamily and townhome parcels, while creating additional value through three commercial out-parcels. Despite rising development costs, Idlewild successfully navigated entitlement, construction, and community engagement, completing The Glennon fully leased and sold out.

Investment Strategy

Strategic Acquisition

Idlewild recognized the potential of a highly visible corner surrounded by a public high school, technical college campus, and new automotive dealership. The 52-acre, two-parcel property was placed under an all-cash purchase agreement for $5.295 million, creating the foundation for a diversified residential and commercial development.

Disciplined Execution

Before closing on the land, Idlewild secured buyers for the multifamily and townhome parcels with contracted sales totaling approximately $10.1 million. Three additional commercial out-parcels were designed and subsequently sold, creating multiple exit opportunities within a single acquisition.

Local Expertise

Long-standing local relationships and proactive community engagement helped Idlewild navigate zoning, entitlement, and neighborhood concerns. Despite development costs increasing from $2.5 million to $4 million, the team carried the project through completion, ultimately delivering a fully leased and sold-out development.

Project Impact

Secured approximately $10.1 million in contracted parcel sales against a $5.295 million land acquisition, while creating additional value through three commercial out-parcels.

APARTMENT UNITS BUILT

TOWNHOMES BUILT

320

220

ACRES DEVELOPED

CONTRACTED SALES

55 10.1M

Investment Inquiry

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