GTIS, Wood Partners Break Ground on Charlotte Apartments
The $72 million community will be located in a Qualified Opportunity Zone.
GTIS Partners and Wood Partners have formed a joint venture to develop Alta West Morehead in Charlotte, N.C. Expected to cost approximately $72 million, the apartment community will be a LEED-certified, 306-unit Class A property.
The community will be located in one of Charlotte’s Qualified Opportunity Zones and will be part of the city’s transit-oriented development zoning.
The five-story community will feature more than 260,000 square feet of residences, as well as 380 structured parking spaces and 49 surface parking spaces. Among the array of common-area amenities will be a passive courtyard.
“The biggest challenge, as with many new construction projects in the current environment, has been managing costs in an inflationary environment,” Amit Rind, GTIS managing director, told Multi-Housing News.
“While we just commenced construction, together with our partner we were able to forward-purchase certain materials ahead of time in order to mitigate some of the volatility we’ve been seeing in the commodity markets,” he added.
Alta West Morehead is situated in the emerging FreeMoreWest neighborhood. The enclave is less than 1 mile from the Uptown central business district, and steps from the stadium of National Football League’s Carolina Panthers. When the LYNX Silver Line east-west light rail line is completed, Alta West Morehead residents will have walkable access to the adjacent station.
The location proved attractive for several additional reasons. While close to Uptown, FreeMoreWest represents a lower-density area with comparatively attractive pricing. Though more than 430,000 square feet of new retail and creative office have been developed in the surrounding area, only a few apartment developments are under construction.
Finally, the surge in demand for residential housing over the past few years propelled area home prices up 22 percent annually from 2015 to 2019, a period in which Charlotte’s population grew by approximately 48,000 per year. These represent signals that the demand for apartment rentals should remain strong.
Charlotte has grown into a finance, banking and professional services employment center, home to Wells Fargo and Bank of America corporate headquarters, as well as Lowe’s, Honeywell, Lending Tree and Truist, the nation’s sixth largest bank, resulting from the merger of SunTrust and BB&T.
Earlier this month, Wood Partners broke ground on Alta Oceanside in California.