Greystar Starts on Virginia Community

Multifamily giant Greystar has started construction on Old Ivy Residences, a multifamily apartment and build-to-rent community in Albemarle County, Va. Its first units are slated for delivery in the second quarter of 2026.

The development’s multifamily component will feature 336 garden-style apartments. Homes will include one-, two- and three bedroom configurations.

Old Ivy Residences’ build-to-rent component will be a mix of 189 three-bedroom detached homes and townhomes. Fifteen percent of the residences are reserved for households earning less than 80 percent of Area Median Income.

More than eight acres of greenspace at the development will include a trail, playgrounds, sports courts, dog parks, a putting green and two pools. Other common-area amenities will feature coworking space, a library, a golf simulator, two fitness centers and a food and sundries market.

The community is located at the intersection of U.S. 29 and Old Ivy Road. Residents will be in proximity to the University of Virginia North Grounds, home to the UVA School of Law and Darden School of Business. Downtown Charlottesville, also in close proximity, features dining and shopping opportunities as well as entertainment options.

The development marks the developer’s entry into the Charlottesville multifamily market.

Greystar’s global portfolio

Charleston, S.C.-based Greystar manages and operates nearly $315 billion of real estate in about 250 markets globally, and is the largest operator of apartments in the United States.

The company is also an active player in the build-for-rent sector. Under its Summerwell brand, Graystar has developed and acquired single-family rental communities nationwide. It also manages single-family communities.

In October of last year, Greystar delivered another single-family rental community in Union City, Ga. Summerwell Parkway Village features 282 units across 51 two- and three-story buildings. It is some 21 miles southwest of downtown Atlanta.