Steele Creek is getting a new apartment complex: Wood Partners has started construction on a project called Alta Berewick next to the Charlotte Premium Outlets.
The 266-unit complex will be located on 16 acres at Dixie River and Shopton roads. Atlanta-based Wood Partners said in a news release last month that it has broken ground and expects to finish construction by December 2016. Some units will be available for lease in February 2016.
Wood Partners bought the site in January for just over $3.1 million, Mecklenburg County records show.
“It has close proximity to the airport and several large employers,” said Ray Smith, vice president of development in Wood Partners’ Charlotte office. “I think it’s going to be really attractive.”
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Wood Residential Services will manage the complex once construction is complete. Here’s Wood Partners’ description of the project and its design:
“Designed by Cline Design Associates, Alta Berewick will consist of three three-story buildings, one four-story manor building and seven carriage buildings with garages. Units ranging from one to three bedrooms with stainless steel appliances, washers and dryers, granite countertops, brushed nickel hardware, and wood-like flooring will be offered. Residents will have access to a fitness center, resort-style pool, clubroom, cyber café and playground.”
Smith said the location will allow for lower rents than comparable developments closer to the center city. The development will also allow people to commute to uptown via West Boulevard, a quicker alternative to more congested roads such as Providence Road.
“The infill deals in close to town have rents in the range of $1.90 a foot into the low $2 range,” he said. “The southwest apartment market, you’re looking more at the $1 to $1.25 range.”
Sumitomo Corporation of the Americas is the equity partner in the project and WP East Builders is the general partner.
▪ North Charlotte apartments, infill planned as well: Smith said Wood Partners is preparing to start work in the fourth quarter on a new, 292-unit apartment complex at the Prosperity Church Road interchange with I-485.
“We’re really excited about that,” said Smith. He said it will be about a year once construction starts before the first apartments are complete.
Smith said he’s working on some infill deals to build apartments closer to uptown as well, but wasn’t ready to share details yet on those.
And, lest anyone forget: We’re still in the midst of the biggest apartment boom in Charlotte history, with more than 10,400 units under construction and another 10,300 planned after that wave.