A continued demand for housing in Charlotte, N.C. has led to more multifamily communities being developed. The latest luxury multifamily community in Charlotte comes through the opening of Wood Partners’ Alta Croft. The company is currently pre-leasing for the property and expects the first move-ins by June.
Located at 3030 Barrow Road, the 238-unit Alta Croft will have one-, two- and three-bedroom units. All apartments will be equipped with stainless GE appliances and washer/dryers while some units will have a movable kitchen island. The building’s amenities include coworking spaces, micro offices, a community kitchen with a coffee bar, a saltwater pool with two tanning ledges and poolside cabanas and a fitness center with a private yoga studio.
Alta Croft is also located near Interstate 485 giving residents access to the greater Charlotte area and its employers like Bank of America, Wells Fargo and Lowe’s.
With Alta Croft, Wood Partners’ Charlotte multifamily portfolio increases to 14 properties, while its North Carolina presence jumps to 30 properties. Wood Partners recently sold its Alta Blu community in Chapel Hill, N.C., in January to Principal Real Estate Investors.
CONTINUED GROWTH IN CHARLOTTE
The housing demand in Charlotte continues to grow due to an increasing population and diverse economy, according to Yardi Matrix’s fall report on Charlotte’s market.
The Charlotte-Concord-Gastonia regions welcomed 50,000 new residents in 2017 while the metro area saw 29,800 more jobs in the 12 months ending in June 2019. Combining the growing population and the accelerating job market, the demand for Charlotte housing has bumped up rents and developments.
Out of the entire state, Charlotte experienced the highest rent growth with a 4.7 percent increase year-over-year through August 2019 to $1,197. The demand has also caused aggressive development with nearly 29,000 units coming online since 2015 and 13,714 units under construction as of August 2019.