Multifamily Monday: Charter Bulls Ahead
Who forgot to tell Charter Properties that new apartment construction is at an all-time low in the greater Charlotte MSA? It's building two complexes totaling more than 500 units and has plans for a third in the Highland Creek area expected to exceed 300. (But seriously, who didn't tell them? We need to all do our part.)
Charter is about to wrap up The Paddock at Springfield (above) in Fort Mill, SC. The 248-unit complex offers one- to three-bedroom apartments ranging from $725 to $1,245/month. (The company doesn't release development costs.) Charter?s SVP John Porter says the company, founded in 1970, has always been in the multifamily business for the long haul and has witnessed plenty of slumps.
?We just continue to do what we've always been doing,? John tells us. By the fall, Charter expects to complete another project it calls Longview, a 264-unit complex off Reames Road near NorthLake Mall. Pricing there for one- to three-bedroom units is $805 to $1,415. (The three-bedroom units are a little pricier than average because they're townhomes with garages.) By year's end, Charter expects to break ground on an as-yet-unnamed project (they're waiting to see if it's a boy or girl) in the Highland Creek area that will contain more than 300 units. ?We're bullish on Charlotte for the next 20 years,? John says.