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Proffitt Dixon buys land for $40 million uptown apartment complex

A developer has bought land from the city of Charlotte to build a $40 million apartment complex uptown.

Charlotte-based Proffitt Dixon Partners plans a six-story, 230-unit complex at the corner of Stonewall and McDowell streets to be known as Fountains Uptown, the firm announced Friday.

It’s a response to continued strong demand for uptown residences, managing principal Stuart Proffitt said.

While sales of uptown condominium buildings stalled after the real estate bust, several have been converted into rental units and found some success. Northwood Investors, for example, had about half of the units in The Vue Charlotte occupied as of April after buying the condo complex in foreclosure and turning them into apartments.

Proffitt said his firm saw that those apartments were “well occupied at strong rents that justify additional supply,” he said in an email.

The land sale with the city of Charlotte closed Wednesday.

The purchase price was $3.8 million, deputy city manager Ron Kimble said.

Rent prices for Fountains Uptown have yet to be determined. Proffitt Dixon hopes to start construction in the fall. The first residents are expected to move in during 2015.

The new complex would follow something of a multifamily construction boom in Charlotte.

More than 7,500 apartment units were under construction this spring, according to research firm Real Data. Developers have plans for about 10,000 more.

Much of the activity has been centered around South End and its light-rail line. Proffitt Dixon is in the mix there, as well. The firm has a 208-unit complex known as Fountains at South End underway near the light rail’s New Bern station.

The company has a 227-unit complex underway in Mooresville, as well.

Dunn: 704-358-5235; Twitter: @andrew_dunn
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