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Charlotte Commercial Real Estate

NEWEST ENTRANT TO APARTMENT RACE

Virginia-based Woodfield Investments has jumped back into the multifamily game in the Charlotte area, unveiling plans for an eight-story, 300-unit high-end property near the South Park Mall. The last apartment property the company completed in the market was Gramercy Square at Ayrsley in 2010. Now the race is on to get the new development out of the ground, and at the moment Woodfield is focused on rezoning and working with local community organizations. Woodfield partner Chad Hagler tells us that the as-yet unnamed project is on an "irreplaceable site," and that demand for higher-end apartments ought to be strong enough to sustain the development.

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