Mooresville, N.C.–Construction is slated to begin in May on Fountains at Mooresville Town Square, a 227-unit, $23 million apartment property developed by Charlotte-based Hawkins-Dixon Ltd. The property, located in suburban Mooresville just north of Charlotte, is the residential component of Mooresville Town Square, a recently opened mixed-use center featuring Lowes Foods, numerous restaurants and businesses, the Bella Lago Spa, and the Goddard School, a preschool.
The property will feature six buildings, one of which will have elevators, on eight acres. It will offer one-, two- and three-bedroom apartments with French doors leading to private patios and balconies, built-in microwaves, and ceilings fans. Some apartments will have 11- to 13-foot ceilings, kitchen islands, linen closets and computer workstations. The grounds will feature a saltwater swimming pool, multi-level patio, grilling area, fire pit and courtyard. Rents are expected to start at $695.
The 5,000 square-foot clubhouse will feature a demonstration kitchen and private dining room overlooking the pool, as well as a clubroom, screening room, billiards and entertaining area, business center, and fitness center with cardio and weight stations. Wi-Fi will be provided throughout the club area, and high-speed Internet service will be available in the apartments.
Red Mortgage Capital’s Charlotte office secured debt financing for Fountains at Mooresville Town Square through the FHA’s 221(d)(4) market-rate apartment financing program. Red Mortgage Capital is the mortgage banking arm of Red Capital Group, which provides debt and equity capital to the multifamily, student and seniors housing, and health-care industries.
The architect for the project is the Housing Studio. Design Resource Group is the land planner, engineer and landscape architect. Greystar will manage the completed property.
The developer expects strong demand for the property. “The walkable lifestyle is driving demand for Fountains at Mooresville Town Square,” Hawkins-Dixon principal Wyatt Dixon, tells MHN. Dixon, a veteran of the multifamily real estate industry, has developed almost 3,000 apartment units in North Carolina and Florida valued at roughly $500 million.
“Also, the American public has learned that owning a home is not the guaranteed money-maker that many perceived during the housing real estate boom,” Dixon continues. “This fact is certainly increasing the number of people who are choosing to rent, and I see the trend continuing for quite some time, especially if interest rates rise, as many economists are predicting.”