A new apartment development near West Tyvola Road and South Tryon Street is opening soon, the latest in an apartment boom that shows no signs of stopping.
Sycamore at Tyvola will include 288 one- and two-bedroom apartments, and developer Switzenbaum & Associates plans to start tours and leasing in mid-April. Stretching across 32 acres, the buildings have been "designed with leisure and privacy in mind," a representative said.
The projected rents at the new building weren't available Monday. At the adjacent Tyvola Centre apartments, also owned by Switzenbaum, rents range from $955 to $1,340 per month.
Apartments in Sycamore at Tyvola will range in size from 792 to 1,211 square feet. Amenities are geared toward the high end and will include studios for yoga, barre and spin classes, a pool, putting green, walking trail and rock garden. Features in the apartments include stainless steel appliances, granite countertops and walk-in closets. The common spaces will also feature commissioned works from artist Sally Heller, "whose work ties into the themes of nature and tranquility found throughout Sycamore at Tyvola."
“We are building in one of the most dynamic neighborhoods in Charlotte, and we are excited to have the opportunity to add such a uniquely-designed community for residents here," said developer Sam Switzenbaum in a statement.
The $52 million project was funded in part with money from EB-5 investors, a program that allows foreign investors to receive permanent residency in the U.S. in exchange for investments in new projects. Other apartment projects in Charlotte, such as Blu at Northline, have also been funded by EB-5 investors, who typically make $500,000 to $1 million investments in exchange for visas. They typically receive below market rates of return on their investments, making the visas a cheap, though often controversial, way for investors to finance projects.
According to RSR EB-5 Regional Center, a company also headed by Switzenbaum, EB-5 investors put $10.5 million into the Sycamore at Tyvola project. Regional centers are the entities that pool EB-5 money for investors.
Charlotte's apartment boom is still in full swing, with 27,000 new apartments planned or under construction. Despite the flood of new apartments, vacancy rates remain low, with almost 94 percent of units occupied, as population growth fuels the market. Rents have hit a new record high of $1,142 this year.
At Sycamore at Tyvola, Schwam Architects and NarmourWright are the architects and Urbanik is the interior designer.