Preferred Apartment Communities Gets Behind Coliseum Redevelopment; Lofts at Charleston Row Installs Green Roof
- Sep 10, 2012
The redevelopment of the former Coliseum site in West Charlotte just got a jolt from Preferred Apartment Communities Inc. of Maryland—an owner and operator of multifamily properties across the U.S. According to a press release, the company just closed on a mezzanine loan investment to Oxford City Park Development LLC of Georgia. The loan investment is up to $10 million in value and is given to Oxford City Park in connection with its plans to redevelop the former Charlotte Coliseum site.
The Georgia limited liability company’s plans are to construct a 284-unit multifamily community, a development that Preferred Apartment Communities has secured an option to buy in connection with the loan. The purchase can be made for a pre-negotiated $39.9 million between the 39th and 43rd months after the closing of the mezzanine loan.
Preferred Apartment Communities Inc. is a real estate investment trust focused primarily on acquiring and operating multifamily properties in over 20 targeted U.S. markets. The company and its affiliates manage over 31,000 multifamily units.
In other multifamily news, The Lofts at Charleston Row—a multifamily community in Charleston’s Ayrsley neighborhood, recently installed the area’s first green roof, reports GoAyrsley.com. The roof is one of the most important design features of the 98-unit apartment community and is located atop the outdoor pavilion.
Green roofs, especially when used on a large scale, improve air quality, reduce the risk of heat trapping in urban areas and are, of course, more visually appealing. Green roofs are usually considered to have a longer lifespan than conventional roofs.
The Lofts at Charleston Row is a three-phase development in Ayrsley, a neighborhood that is considered the uptown of Southwest Charlotte, the city’s second-largest job center. According to the Charlotte Business Journal, after the second and third phases finish construction, the community will total 230 units of one- and two-bedroom apartments, as well as lofts on 8,900 square feet of retail space, at a total cost of $12 million.
New Forum Inc., a leading local provider of sustainable master-planned mixed-use and retirement communities, is one the driving forces behind the project. Overcash Demmitt Architects is responsible for the design, while Concorde Construction is the general contractor for the build.
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Photo credit: The Lofts at Charleston Row’s Facebook page