Charlotte's Lat Purser announces new apartment project

LPA Rhett, LLC, a partnership between Charlotte's Lat Purser & Associates, Inc. and Ray Jones, will build a new 150-unit apartment complex in Greenville, S.C., the companies announced Wednesday.

Groundbreaking for the project, which will be at the corner of Rhett and Wardlaw streets, is slated for February. The first units are expected to be finished in May 2014.

The Rhett St. Apartments will feature five unit types ranging from 550-square-foot studios to 1,017-square-foot two-bedroom apartments.

The complex will be smoke-free and dog friendly and offer a club house with flat-screen televisions, pool table, work-out facility and rentable storage units. The grounds will have a courtyard, saltwater swimming pool, gas grills, shuffle-board court and dog park.

The Charlotte office of Adolfson & Peterson Construction will build the project. Financing for the project is being provided by Bank of America Corp. Additional  funding is being provided through private equity  sources that includes Kaufman Realty Group and Intermark Management, which will also be providing the leasing and property management.

Developers have been flocking to build apartment complexes as more people are expected to rent in upcoming years. Younger people are more likely to rent, either afraid of or unwilling to enter an unpredictable housing market, studies suggest. Or they may have trouble getting mortgages.

Founded in 1961, Lat Purser has focused on multifamily projects for more than 50 years.  Lat Purser also has focused on infill projects and creating walkable communities.

Ray Jones is a developer who has built more than 20,000 rental and for sale homes in the Carolinas, Southeast and East Coast.