CBRE Brokers 240-acre Land Sale in Durham for New Subdivision Ovation at Sweetbrier

CBRE has brokered the sale of approximately 240 acres in East Durham for Ovation at Sweetbrier, a 55-plus master-planned subdivision featuring over 600 single-family homes and townhomes. Phase one, which will include 174 homes, is already under construction.

Chester Allen and Tiffany Hilburn of CBRE’s Land Services Group in Raleigh represented the seller, East Durham Land Company LLC, in the transaction. Clayton Properties Group, which does business as Mungo Homes, bought the land for $16 million.

“The City of Durham’s completion of Southeast Regional Lift Station (SRLS) enabled this site to finally be developed. It’s been in the works for a long time, so it’s great to see it online,” said Mr. Allen, Executive Vice President at CBRE. “It’s crazy to see all the development activity happening now in that basin. There are currently several thousand housing units under construction, with nearly every major national homebuilder involved.”

Over the past decade, CBRE’s Land Services Group in Raleigh has brokered 10 deals totaling over 500 acres in this basin, with three major projects for another 500-plus acres currently under entitlement.

“Needless to say, we have been hyper-focused on this area and love to see the continued growth,” added Allen.

Roughly located between Doc Nichols Road and Olive Branch Road, the approximately 240-acre land sale was executed in two phases. The first phase closed in 2022 and included 110.46 acres. The most recent phase closed on March 7. Homes in the new Ovation at Sweetbrier development are anticipated to start in the high $300,000s and will be built out over three phases, with the first phase expected to deliver by early 2025.

Upon delivery, Ovation at Sweetbrier will feature a wealth of amenities including a clubhouse, sports courts, a dog park, and several pocket parks. It will also offer easy access to major thoroughfares like Interstate 540 and US Highway 70, which will connect the community to Downtown Durham, Raleigh and Research Triangle Park.

Mungo Homes is an active builder in the area. It is behind the existing Sweetbrier development, a 616-home community adjacent to Ovation at Sweetbrier. Together, these two neighboring communities will total over 1,250 homes.

CBRE’s Land Services Group in Raleigh is one of the most active land brokers in the Carolinas. Last year, the team arranged $123 million in sales volume across the Triangle region.