More apartments are heading to southwest Charlotte, with developers breaking ground Monday on a new, upscale community near Interstate 485 and Arrowood Road.
Atlanta-based apartment development firm TWO Capital Partners is behind the project, to be called Capital Crossing at Whitehall.
The development will total 271 apartments, consisting of a range of unit types and sizes, such as flats and townhouses with one, two and three bedrooms. Construction is expected to take about 18 months, which would put completion in fall 2017. The apartments will start leasing in spring 2017.
The site is at Sandy Porter and Brown Grier roads.
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A TWO Capital Partners executive said the project is driven by a lack of upscale apartments in the area, which has grown rapidly. Nearby, Topgolf is planning to build a golf entertainment destination, its first in Charlotte, and the adjacent Whitehall Corporate Center continues to expand. The Charlotte Premium Outlets mall is open nearby as well.
“Upon recognizing the unmet demand in the submarket back in early 2014, we have been working through entitlement and parcel assemblage processes,” said Ralph Wilson, in a statement.
Advisor Patterson Real Estate Advisory Group arranged a construction loan with Texas Capital Bank.
“It is no secret that investors have become more cautious and selective when it comes to multifamily construction since the beginning of the year,” said Lance Patterson, in a statement. But he predicted the site would be successful due to TWO’s “meticulous site selection” and analysis.