$30-million Residential Community Planned for Queen City; Wake Forest Celebrates Opening of Uptown Campus
- Feb 03, 2012
By Amalia Otet, Associate Editor
Orlando, Fla.-based Global Growth Trust Inc., a real estate investment trust focused on building a portfolio of real estate and real estate-related assets in the United States and abroad, recently announced plans to enter the Charlotte market by acquiring 13 acres of land in Queen City, this in partnership with an affiliate of Woodfield Investments LLC.
“We are excited to expand our relationship with Woodfield Investments, who has the local market knowledge and expertise to develop exceptional new communities” said Global Growth Trust President Andy Hyltin in a press release. “We believe it’s a great time to be developing multifamily communities in the Southeast due to the favorable demand trends and attractive financing options in select growth markets.”
The joint venture plans to build a 297-unit, Class A garden-style apartment community with amenities such as a club room, cyber café, fitness center and resort style pool. Investment is expected to climb to $30 million, according to a Charlotte Observer story.
This is not the first time the two companies have joined forces. Global Growth Trust partnered with Charlotte-based Woodfield Investments in May 2011 with plans to develop a 258-unit multifamily complex in Mount Pleasant, S.C.
In other news, Wake Forest University celebrated the opening of its new campus in uptown Charlotte. The new, state-of-the-art facility provides 30,000 square feet of education space and is equipped with advanced technology such as SMART® Boards, LCD screens and web-enabled video cameras inside the classrooms. The boardroom features two-way video conferencing and silent Skyfold® walls to add versatility to multipurpose areas, according to university statements.
The Wake Forest University Charlotte Center will initially be used for the university’s MBA program for working professionals, as well as for executive and continuing education programs, as reported by the Charlotte Observer.
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