Greystar Breaks Ground in Charlotte
Birchway Eastfield Station is surrounded by single family homes north and east and by industrial hubs south and west.
Greystar has commenced construction on the latest property in its Birchway-branded series. Birchway Eastfield Station, a new garden-style community under development in Charlotte, N.C., represents the first transaction capitalized in a strategic venture between Greystar and Whitman Peterson.
Birchway Eastfield Station will feature 402 apartments offered in one-, two- and three-bedroom floorplans. The community will include a pool, gym, coworking space, creative area, TV lounge and private work pods.
As a separate development phase, Greystar will complete earthwork to allow for the future construction of 110 townhomes. The pads will be sold at a future date to a home builder. However, initially, the project called for a total of 512 units comprised of both the apartments and townhomes.
“The sheer size of 512 units proved challenging to finance and we saw the opportunity to sell off the townhome pads to right size the overall project basis,” Mike Sullivan, director of development for Greystar, told Multi-Housing News. “We were able to clear those hurdles by carving off the townhome pads for sale and working with our trusted partners to help clarify the opportunity.”
Birchway Eastfield Station is situated near popular retail centers such as Northlake Mall, Shoppes at Highland Creek and the soon-to-open Prosperity Village. To the north and east are single-family homes while to the south and west are industrial hubs. Nearby recreational opportunities include Clarks Creek Nature Preserve which features walking trails, pickleball courts, a community garden and a dog park.
Residents will have easy commuting access given the community’s proximate entrances to a trio of major highways. Uptown Charlotte is within a 15 minutes drive and other areas of Charlotte can be reached via Interstate 485 and I-77.
Birchway Eastfield Station’s design team included architecture firm KTGY, civil and landscape design by Urban Design Partners, interior design by South Park Interiors and EM Structural and Jordan Skala for structural and MEP designs.
Pre-leasing is scheduled to commence in the fourth quarter of next year. Completion of Birchwood Eastfield Station is slated for mid- to late-2026.
Charlotte activity
Despite booming supply as a result of lots of new stock, Charlotte multifamily fundamentals are encouraging. As of June, average advertised asking rents were up 0.1 percent on a trailing three-month basis. Also, despite occupancy declining 90 basis points in a year to 93.5 percent, demand levels are on the rise.
Last week, Vista Residential Partners broke ground on McAlpine Vista, a new apartment community in Charlotte. Located 10 miles from Uptown and nearby the SouthPark district, the community is set to feature 320 units.
