Middleburg Communities has purchased a 30-acre site for the development of Mosby Steele Creek, a 272-unit multifamily project in Charlotte, N.C. The community is slated for completion in the second quarter of 2023.
Located at 13925 Erwin Road, the project will encompass 10 two-story buildings and a stand-alone leasing center. Plans call for one- to three-bedroom apartments with 9-foot high ceilings, keyless entry, Energy Star-rated appliances, with selected units to include private yards and balconies.
The site is some 2 miles from Rivergate Shopping Center, one of the largest retail centers in the area. Downtown Charlotte is 14 miles to the northwest and Charlotte Douglas International Airport roughly 11 miles to the north.
Developers eying Charlotte
Middleburg’s focus on Charlotte’s multifamily market is due, in part, to the metro’s positive demographic trends as well as its expanding employment opportunities, Assistant Vice President of Investments TJ Sedeski said in prepared remarks.
In the first half of 2021, completions in the metro rose to almost pre-pandemic levels, with approximately 5,200 units delivered, according to a recent Yardi Matrix report. Despite a consistent development pipeline, absorption rates are expected to remain high. One of the contributing factors is the ongoing in-migration.
Underscoring the metro’s appeal for developers, a joint venture between GTI and Wood Partners recently started construction on a $72 million multifamily project, which will bring 260,000 square feet of residences to Charlotte’s FreeMoreWest neighborhood.