5 replies to this topic

[Bearcat]

l'd appreciate any insights any of you might have adding to my list of new class a rental projects built in Charlotte since 2007.  Here are the three I have so far:

• Residence at South Park - 150 units - Completed 2008
• Ashton - 310 units - Completed 2009
• Cataylst (converted) - 486 units - Completed  2009

[southslider]

What makes it Class A?  Since 2007, there has been a lot of 4/5-story deck-wrapped product built (Elizabeth Square, Spectrum, Circle South End, Millenium) within a mile of Uptown that all rents over $1 per square foot and includes amenities (pool, fitness room, club room).

[orulz]

Might it have something to do with stick-built vs. concrete/steel construction?

[Bearcat]

orulz, on 22 March 2011 - 08:38 AM, said:

Might it have something to do with stick-built vs. concrete/steel construction?

There is really no hard and fast definition.  Developers/owners of stick-frame product that aren't really class a characterize it that way all the time.   For my purposes I'm interested in any new project that is achieving rents equal to or greater than $1.50/sf/month regardless of height or construction type.   Unless there are more than what I have mentioned Charlotte appears to have absorbed about 1000 of these "renter by choice" units in that space of time.

[Bearcat]

southslider, on 22 March 2011 - 08:24 AM, said:

What makes it Class A?  Since 2007, there has been a lot of 4/5-story deck-wrapped product built (Elizabeth Square, Spectrum, Circle South End, Millenium) within a mile of Uptown that all rents over $1 per square foot and includes amenities (pool, fitness room, club room).

Thanks for the feedback.  Do you know whether any of those feature larger unit plans and condo quality finishes like Ashton and SouthPark ?   Both of those projects have larger average rents (due to unit sizes) and are well above $1.50/sf/month.  EDIT:  I looked online and it seems like most of these fall short of the quality at Ashton and SouthPark and (generally) also price out below $1.50/sf/month

Edited by Bearcat, 22 March 2011 - 10:44 AM.

[mallguy]

The Charlotte Business Journal, Southeast Real Estate Business and online trade publications for landlords have plenty of info about apartment developments in Charlotte (timing, grade of construction, size, etc.).