Spectrum, Heitman Kick Off Luxury Charlotte Project
First apartments are slated to deliver in early 2027.
The Spectrum Cos., in partnership with real estate investment firm Heitman, has started construction work on Spectrum Indian Trail, a 320-unit upscale apartment community in Indian Trail, N.C. Situated in metro Charlotte, the first apartments are slated to be ready for residents by early 2027.
The community will include five elevator-served buildings, along with a clubhouse. Residents will have access to a 24/7 fitness center, coworking areas and a lounge. Other amenities will include a pool, dog park, putting green, outdoor dining area, car wash and playground.
A pedestrian bridge will connect residents directly to the Sun Valley Commons Entertainment District, offering car-free access to restaurants, shops and entertainment venues such as Stone Theaters, Starbucks, Hickory Tavern and Viva Chicken. The grocery stores Publix and Harris Teeter are also within walking distance of the property, which is located at 3115 Wesley Chapel Stouts Rd.
Spectrum tapped Dynamik Design for the project’s architecture and interiors, and Viz and Seamon Whiteside for its landscaping. Summit Contracting Group, a multifamily construction specialist, is the general contractor, and TD Bank is providing construction financing.
Senior Managing Director Caleb Troop, and Director Thomas Colaiezzi, both of Berkadia Charlotte, facilitated the sale of the development site to Spectrum and its partners on behalf of the seller, Royal Management. Patterson Real Estate Advisory Group’s Austin Smith arranged the equity partnership on behalf of Spectrum.
Charlotte-based Spectrum has completed nearly 50 commercial and residential projects since its founding more than 40 years ago, representing about 4,600 multifamily units, with a focus on the Southeast.
Charlotte cools
Charlotte has been a hot apartment market recently. Deliveries totaled 12,048 units through November 2024, nearly double the national figure. This figure marks a decade high, representing 5.3 percent of existing stock.
There are signs, however, that the market is slowing down, at least in terms of development. Construction starts declined last year through November, down some 50 percent compared to the same period in 2023. At the same time, investment in multifamily has slowed, with volume at about half of 2023’s total, Yardi Matrix noted.
During the most recent seasonal slowdown in wintertime, average advertised asking rents were down 0.4 percent on a trailing three-month basis as of November, to $1,577. Even so, occupancy in stabilized assets inched up 10 basis points year-over-year, to 93.9 percent as of November.
