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Charlotte Commercial Real Estate

300 UNITS EYED FOR MOREHEAD

Somebody is paying attention to the market trends. Summit Properties founding partner Ray Jones wants to build an apartment complex at Morehead Street and Kenilworth Avenue with up to 300 units. Ray?s new entity, Morehead Property Investments, has filed a rezoning petition seeking approval for a three-building complex totaling 600k SF with four stories of below-grade parking. It's a smart move, since rents in that part of town are averaging more than $1,000 per month, compared to the citywide average asking rent of about $789, according to Marcus & Millichap?s latest market research. A public hearing on the rezoning request has been set for Oct. 17.

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