Ballpark-Adjacent Project Completed

Lansing Melbourne Group and Temerity Baseball have completed Stadium Lofts, a mixed-use community at 120 West Ave. in downtown Kannapolis, N.C.

Located in Charlotte’s northeastern suburbs, the property includes 43 residential units, including studios and one- and two-bedroom units.

Stadium Lofts is distinctive in that it has direct views of Atrium Health Ballpark, home of the Kannapolis Cannon Ballers, a minor league team owned by Temerity Baseball that is a member of the Carolina League. The team is an affiliate of the Chicago White Sox.

The property is also within walking distance of the North Carolina Research Campus, a 350-acre life sciences campus occupied by eight university research programs, as well as several restaurants, bars and stores.

Stadium Lofts’ studios range from 412 square feet to 443 square feet in size, with rents running from $1,375 to $1,475 a month. One-bedroom units range from 684 square feet to 846 square feet, with rents ranging from $1,875 to $2,155. The property also offers two-bedroom units that total as much as 1,112 square feet.

Designed by Built Form and constructed by Summit Design + Build, Stadium Lofts units will feature white quartz countertops, designer cabinetry, black designer light fixtures and marble kitchen backsplashes. GE Premium Collection stainless steel appliances and GE front-loading washers and dryers are also included.

Florida-based LMG is active in North Carolina, developing other residential projects in Kannopolis, as well as in Gastonia, Mooresville, Garner and Concord. The company also has projects under way in New Hampshire, Michigan and Florida.

Denholtz Properties manages Stadium Lofts. The company acquired Vida Apartments, a 289-unit multifamily community near Stadium Lofts, from LMG in 2021. A joint venture of Denholtz and LMG is also nearing completion of the three-building Novi mixed-use portfolio in nearby Concord, N.C.

Growing multifamily market

Some 6,116 multifamily units came online in greater Charlotte during the first half of 2024, according to Yardi Matrix data, representing 2.8 percent of existing stock, or more than double the national average of 1.1 percent. Yardi Matrix forecasts more than 17,350 units will come online in the greater Charlotte market this year, followed by some 15,000 apartments in 2025. Those numbers far exceed the 8,884-unit yearly average of the last five years, the company noted.

Occupancy in stabilized Charlotte-area properties was 93.5 percent as of May 2024, according to Yardi Matrix data. That represents a 90-basis-point drop year-over-year and was 100 basis points below the national average of 94.5 percent.