The Skinner family sold property Dec. 21 in the Seven Pines development at southeast Butler Boulevard and Interstate 295 to Stillwood Associates LLC for apartment development.
Through Sawmill Timber LLC, the Skinners sold the property to Stillwood, which is affiliated with The Spectrum Companies of Charlotte, North Carolina, for almost $4.58 million.
Family representative A.C. “Chip” Skinner III said Sept. 9 it is the first multifamily project on the property, previously known as the Southeast Quadrant.
The family said it intended to sell about 10 acres for development of 300 apartment units.
A conceptual site plan shows that Spectrum Companies plans 280 apartments and 20 town house units.
Plans show four apartment buildings and a clubhouse along with town house buildings.
Initial numbers show 20 studio, 116 one-bedroom, 120 two-bedroom and 24 three-bedroom apartments along with the 20 town house units.
The site is in the middle of the Seven Pines property.
The Spectrum Companies, with offices in Charlotte and Raleigh, North Carolina, has developed 33 commercial projects including more than 3,700 apartment units and 3.7 million square feet of office and mixed-use projects.
It says it has more than 4.4 million square feet of property under management or leasing and 1,600 apartments in a portfolio valued at $2 billion.
It says it focuses in the Southeast with projects in the primary markets of Charlotte and Raleigh; Nashville, Tennessee; Charleston and Greenville, South Carolina; and in Tampa and Orlando.
The Skinners are selling land within the 1,063-acre Seven Pines property.
Seven Pines will comprise 1,600 single-family homes, apartments and more than 1 million square feet of commercial and retail space. It will include a 34-acre park with a lake.
Homebuilders ICI Homes and David Weekley Homes will develop the residential portion of the project. The Skinner family, through Sawmill Timber LLC, sold about 197 acres for $11.8 million to a joint venture of the builders.
The builders have the rights for about 560 acres, which they will buy in three phases.
