Ram Realty Advisors has added to Charlotte, N.C.’s booming apartment supply by opening Hub South End, a 265-unit multifamily community in the city’s historic South End neighborhood. Capital partner Faison Associates teamed up with Ram for the project at the corner of Hawkins and Dunavant Streets.
The property features a mix of units ranging from studios to three-bedroom layouts, 29 of which will be two-story townhome designs. Hub South End also includes 22,425 square feet of commercial space, which has drawn a number of interested prospective tenants, a Ram representative told Multi-Housing News. There is still space available that can be occupied by an office, retail and/or restaurant user.
Site work on the development began in April 2018. PNC Bank provided a $39.9 million construction loan in August 2018, according to Yardi Matrix. Other members of the development team include architect Cline Design Associates, civil engineer McAdams and general contractor Concorde Construction. Property management and leasing brokerage are provided by 5/TEN Management and Foundry Commercial, respectively.
Units in Hub South End feature open-concept kitchens, large windows, spa-inspired baths and full-size washers and dryers. The community’s amenities range from a heated saltwater lap pool to an indoor/outdoor fitness center and a multipurpose clubhouse with professional co-working space. Approximate rents range from $1,395 to $2,975 depending on the floorplan, information on the community’s website shows.
Ram, a property and asset management firm with a focus on the U.S. Southeast, made a point of engaging the local neighborhood by hiring the design team and contractors from the area and sourcing many pieces of furniture, the kitchen countertops and original works of art from neighborhood businesses.
Apartment rents in Charlotte surged 4.7 percent year-over-year through August 2019, according to a market report by Yardi Matrix. Roaring development brought nearly 29,000 units online since 2015, including almost 4,500 units during the first eight months of the year, with another 13,700 apartments in the pipeline.