Integra Land Starts Work on Suburban Charlotte Apartments
The Flats at Edgewater in Indian Land, S.C., includes 289 units, a sports bar, a theater room and a dog park. It is expected to be completed in late 2019.
Integra Land Co. of Lake Mary, Fla., has started work on The Flats at Edgewater, an apartment community in Indian Land, S.C., a suburb of Charlotte. The 289-unit property will offer one-, two- and three-bedroom units ranging from 708 square feet to 1,420 square feet and is expected to be completed in the third quarter of 2019.
Common amenities will include a pool with outdoor televisions and a grill station. Residents will also have access to a fitness center, sports bar, theater room and a dog park. The overall design is meant to tie in to traditional South Carolina architecture, with its exteriors a mix of textured stone with cool colors and warm accents.
Charlan Brock & Associates of Maitland, Fla. is the architect. LandSouth Construction, a Jacksonville, Fla.-based general contractor specializing in multifamily, senior living and mixed-use development, is building the project.
Metro Charlotte Supply Outpaced Demand Last Year
Apartment completions declined slightly in greater Charlotte last year after reaching a cyclical peak of more than 8,800 units in 2016, reports Marcus & Millichap. Roughly 10,800 rentals are currently under construction and scheduled for delivery through 2019.
Net absorption of 7,200 apartments in 2017 didn’t outpace supply additions, Marcus & Millichap said, lifting vacancy to 5.2 percent during the last four quarters. Multifamily projects are widespread throughout the metro. The largest development now under way is the 455-unit Links at Rea Farms in the Ballantyne submarket, which is not far from the South Carolina submarkets of the region.
