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.