‘Strategic Advantages’ to Wood Partners’ New Development in Charlotte
- Jul 18, 2012
Charlotte, N.C.—Wood Partners, a national multifamily developer and manager, has just broken ground on Perimeter Lofts, a 246-unit community in the Northlake area of Charlotte, N.C.
Perimeter Lofts will consist of two four-story buildings. Amenities will include a clubhouse with cyber café, movie and game room, fitness center, salt-water pool, grilling areas, dog park, pet spa and car care center. It will be located across the street from Northlake Mall, the newest enclosed mall in Charlotte. Additionally, the community will be located near a large shopping area.
For multifamily developers, now is looking like a good time to build, and Charlotte may be the optimal place for new apartment communities.
“This is the perfect time to build multifamily product in this market for various reasons,” Carter Siegel, director at Wood Partners, tells MHN. “For example, Charlotte has emerged from the recession with a more stable and diversified job base. While the banking sector employs more people today than before 2008, those jobs are now spread among multiple banks. In addition, the energy sector has emerged as a real complement to the finance industry and we have seen numerous new companies relocate to Charlotte including Chiquita, Husquverna and Electrolux, to name a few. All these new jobs have driven apartment demand higher.”
According to Siegel, there is also a high demand for apartment units in the area.
“The Charlotte MSA has absorbed over 8,000 units in the past 16 months, a historic level of demand for our market,” he says. “Rents are up and vacancy rates are well below 7 percent. As expected, all these good fundamentals have brought a significant level of new development to the market. With all this new competition, it has become even more important than ever to find development opportunities that have lasting strategic advantages.”
Wood Partners hopes to tap this strong multifamily market when they open Perimeter Lofts in 2013.