Vista Breaks Ground on Charlotte Project

Vista Residential Partners has broken ground on McAlpine Vista, a 320-unit apartment community on 14 acres at 8011 Krefeld Dr. in Charlotte, N.C. The site is about 10 miles from Uptown Charlotte and nearby the SouthPark district of Charlotte.

The project is the first in Charlotte for Atlanta-based Vista, a multifamily specialist with offices nationwide and properties in the South, Midwest, Mid-Atlantic and Pacific Northwest.

McAlpine Vista will offer a mix of one-, two-, and three-bedroom units averaging about 1,010 square feet. Designed by architect EDI International, the residences will feature stainless steel appliances, stone countertops, nine-foot ceilings, vinyl plank flooring, in-unit washers and dryers and balconies.

The community is set to feature a clubhouse, swimming pool, fitness center and 24/7 package concierge. Future residents will have direct and private access to the McAlpine Creek Greenway, a path that extends six miles throughout Charlotte.

Alex Barroso, managing director-regional partner for Carolinas, told Multi-Housing News that the project is “in a supply-constrained portion of the Charlotte market,” adding that the project is part of the company’s effort to establish its portfolio in the Carolinas.

Parse Capital, The Hartford and an undisclosed Philadelphia-based family office provided financing for the project. Krevolin & Horst of Atlanta represented Vista in the closing.

Charlotte fundamentals slip

Charlotte has seen a population and employment influx in recent years, adding more than 130,000 jobs since the end of 2019 and sustaining growth in the multifamily sector, according to Institutional Property Advisors in its Q2 2024 report on Charlotte multifamily. About 142,000 people will move to metro Charlotte over the next five years, the company says.

Supply additions are now placing upward pressure on Charlotte multifamily vacancy, lifting the rate to 7.1 percent in the second quarter of this year, up 100 basis points year-over-year, IPA reports. About 3,200 new units have been added to the market during each of the last four quarters.

At the same time, market dynamics are putting downward pressure on apartment rents in greater Charlotte, with average effective rents predicted to drop 1.7 percent during 2024, according to the report. Even so, that rate is 30 percent higher than pre-pandemic levels.

Earlier this month Space Craft and Lindgren Development landed financing for the development of a Class A community in Charlotte’s Mill District. The property, set to be eight stories and total 287 units, is slated to begin construction immediately.