Wood Partners has broken ground on Alta Croft, a 238-unit luxury multifamily asset, in Charlotte, N.C. The developer plans to open the community in April 2020, with preleasing efforts beginning near the end of this year. First Citizens Bank is providing $26.2 million in construction financing for the project, according to Mecklenberg County records.
The developer purchased the 9-acre parcel, located at the southeast corner of Prosperity Ridge Road and Interstate 485, from Cambridge Properties for $2.8 million in January, per county records. The project site is situated 14 miles north of downtown Charlotte and is a short distance from a wide range of shopping and dining options.
According to plans, Alta Croft will comprise three- and four-story buildings with a mix of one-, two- and three-bedroom units. Community amenities will include a fitness center, business center, pet spa and swimming pool.
In late March, Wood Partners completed work on the 261-unit Alta Warp + Weft, opening its doors some 10 miles south of Alta Croft. Santander Bank provided $31 million in financing for the development, which broke ground in 2017.