Development

New light rail line isn’t open yet but 570 apartments are rising along the tracks

View from a drone: The new light rail line from uptown Charlotte to UNCC

Follow the light rail line from uptown Charlotte north to the campus and home of the Charlotte 49ers.
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Follow the light rail line from uptown Charlotte north to the campus and home of the Charlotte 49ers.

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.

107018

Here are some more details on Parkwood Station. The five-story apartment building will include:

23Studios

180One-bedroom apartments

98Two-bedroom apartments

8Three bedroom apartments

412Parking spaces

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.

LoftOne35
Loft One35 Ely Portillo

Ely Portillo: 704-358-5041, @ESPortillo

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