Tanglewood Multifamily Development Site

Investment Overview

Available for institutional investment and development, this 13.3-acre parcel represents a rare assembled site designed for 220 units of garden-style Class A multifamily housing on unencumbered land positioned outside FEMA Flood Zones, DDA (Downtown Development Area), and QCT (Qualified Census Tract) designations. The site benefits from pre-existing infrastructure connectivity, excellent visibility, and proven tenant demand in a rapidly urbanizing market where new multifamily supply remains constrained. The property's prominent US 17 frontage, combined with the surrounding Tanglewood commercial district's retail and service anchor tenants, creates a compelling value-add development platform for institutional capital seeking predictable, market-rate multifamily returns in an emerging Southeast coastal market.

Investment Highlights

• Land Acquisition: ±13.3 acres; development-ready site with clear entitlements pathway
• Strategic Highway Frontage: Direct US 17 access (Future I-87 interstate designation); 30–50 minute drive to Hampton Roads military-industrial complex​
• Flood & Regulatory Clarity: Not in FEMA Flood Zone, DDA, or QCT; reduces timeline and regulatory complexity
• Class A Garden-Style Product: 220-unit multifamily design supports institutional capital requirements and market-rate positioning
• Retail Synergy: Walmart Supercenter (3.1M annual visitors), Sentara Hospital (medical anchor), hospitality (Hilton Home2 Suites incoming) create tenant-support ecosystem
• Market Growth: New residential developments with 425+ residential lots nearby; institutional multifamily supply gap in Elizabeth City MSA​
• Transportation Corridor: Part of Strategic Transportation Corridor (STC); Foreign Trade Zone 20 proximity supports employment base growth​
• Capital Efficiency: Suburban land costs versus coastal Outer Banks alternatives provide attractive basis/yield arbitrage