Tuesday, January 24, 2012

More apartments planned for Charlotte

The multifamily sector continues to run hot with yet another player entering the Charlotte apartment market.

Orlando-based Global Growth Trust, Inc., a real estate investment trust, has entered into a joint venture with an affiliate of Woodfield Investments, LLC to buy 13 acres in the Queen City. The groups plan to develop a 297-unit, Class A garden-style apartment community.

When complete, the $30 million community will include amenities such as a club room, cyber cafe, fitness center and resort-style pool.

The joint venture expects to purchase the land within 30 days.

"We are excited to expand our relationship with Woodfield Investments who has the local market knowledge and expertise to develop exceptional new communities," Global Growth Trust president Andy Hyltin said in a statement.

This would be Global Growth's second multifamily partnership with Woodfield Investments. Last May, the two companies announced a partnership to build a new 258-unit multifamily development in Mount Pleasant, S.C.

The groups haven't disclosed the exact Charlotte location, yet. But in a release, they praised the southwest corridor's large amount of workers and proximity to other employment centers.

Global Growth Trust is sponsored by CNL Financial Group, a private investment management firm that has become more active in the Charlotte market.

Last year, CNL Financial Group provided $100 million in capital to Crosland Southeast, a development firm formed by former Crosland veterans.

Woodfield Investments has developed local apartment complexes including Elizabeth Square off Hawthorne Lane, which sold for a premium last year to institutional investors advised by J.P. Morgan Asset Management.


Will said...

Hmmm... I wonder if they are looking at the 2500 block of 7th Street between Ranier Ave. and East 5th St. I drove by there recently and all the old homes and apartments are boarded up with the same type-looking plywood.

Mike said...

Could this be the first sign of new movement at the Morningside Village development? The property is graded and ready for development and bank owned, no need for demolition. Woodfield has already built 2 projects in the Plaza Midwood area, seems like a possibility.

Anonymous said...

OK...a good reporter would have mentioned the sites in question rather than making us guess. If you don't know....just state a to be determined site. You have a phone right? It's not hard to dail the porperty companies to investigate a bit further.

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