Another apartment building is under construction along a Blue Line light rail extension stop just north of uptown, adding to the wave of development that’s reshaping what was long a largely industrial corridor next to the train tracks.
Ohio-based developer NRP Group said Tuesday that they plan to open the first apartments at Parkwood Station, a 309-unit apartment building at Parkwood Avenue and Brevard Street, in early 2018. Just up the street, at the next Blue Line stop, Atlanta-based Wood Partners has started construction on a 261-unit apartment building at 25th and Brevard streets. Wood Partners is targeting an early 2019 completion.
NRP Group closed on their purchase of the 3.5-acre site from a company affiliated with Vision Ventures last week. They paid $6.55 million, real estate records show, with Capstone Apartment Partners brokering the deal. Wood Partners paid a slightly higher per-acre price for their 2.3-acre site: $5.3 million for 2.3 acres. Together, the two apartment buildings make up about a quarter of the 2,000 or so apartments that have started construction or are planned along the Blue Line extension, set to start passenger service by March 2018.
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Here are some more details on Parkwood Station. The five-story apartment building will include:
8Three bedroom apartments
The list of amenities is similar to those that have become practically a requirement in Charlotte’s newest crop of luxury apartment buildings: A gym, heated saltwater pool, fire pit and outdoor grills, bicycle storage and repair and a pet grooming facility.
Los Angeles-based Canyon Partners Real Estate provided $11 million of preferred equity for the NRP Group deal. Parkwood Station is the second apartment building for NRP Group in Charlotte. The company sold its first Charlotte apartment building – Loft One35, on West Morehead Street – last year for $78.5 million to a company affiliated with the Kuwaiti government’s investment arm.