A development firm out of Charlotte recently paid $2.95 million for land on North Kerr Avenue.

Canvas Residential Partners LLC of Charlotte purchased the 11 acres, just south of Martin Luther King Jr. Parkway in Wilmington, with plans to develop 79 build-for-rent townhomes on the site, according to a news release from Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co. Site plans call the development Azalea Park.

Prior to the sale, the property was comprised of several different tax parcels belonging to the Raines Family, some of which were within the Wilmington city limits and some adjacent in the unincorporated area of the county, the release stated. 

"The unincorporated parcels were annexed into the city and rezoned to allow for multifamily development after a unanimous vote to approve the request by the Wilmington City Council," according to the release. 

Hansen Matthews of Maus, Warwick, Matthews & Co. represented the sellers in this transaction.

The cottage townhomes are expected to feature modern interior layouts, private backyards and attached garages, the release stated. 

Canvas Residential Partners develops, operates and manages build-for-rent townhome, cottage-style and multifamily communities, according to its website.