Wood Keen on North Carolina

Wood Partners has struck again, this time in the third fastest-growing major city in the United States.

Ground has been broken by Wood Partners, of Atlanta, on Alta Berewick, a 266-unit multi-family development in Charlotte, N.C., Wood Partners announced Monday. The community, on a 16-acre site at 5503 Dixie River Road, will be the 15th apartment community to be developed by Wood Partners in North Carolina, where the company has built more than 2,900 units since 2001.

The project will be delivered building by building, with the first one finished in February 2016 and the overall development completed in December 2017, Ray Smith, vice president of development in Wood Partners’ Charlotte office, told Commercial Property Executive.

Alta Berewick will consist of three three-story buildings, one four-story manor building and seven carriage buildings with garages. There will be 109 one-bedroom, 139 two-bedroom and 18 three-bedroom apartments, with stainless-steel appliances, washers and dryers, granite countertops, brushed-nickel hardware, and wood-like flooring. Amenities will include a fitness center, resort-style pool, clubroom, cyber café and playground.

Berewick Town Center III was the seller of the previously undeveloped site.

The location is close to major local employers including Siemens, Microsoft, Time Warner, Frito-Lay, Equifirst, Sun Chemical, Goodrich and General Motors. The new Charlotte Premium Outlets mall is across the street, and the Steelcraft and Rivergate shopping centers are less than four miles south.

The community will also have easy access to recreational resources such as Lake Wylie, a 12,500-acre recreational park, and the U.S. National Whitewater Center, a non-profit recreational and athletic training facility for rafting, kayaking and hiking.

The project architect is Cline Design Associates, and WP East Builders is the general contractor. Sumitomo Corp. of the Americas is Wood Partners’ equity partner. Wood Residential Services will manage the community upon completion.

The Charlotte multi-family market remains strong, with solid job growth (2.4 percent this year) helping to hold vacancy to a modest increase (40 basis points) in the face of 7,800 rental units having been delivered last year and a further 4,600 coming on line this year, according to a 2015 forecast by Marcus & Millichap. M&M forecasts effective rents to rise by 3.1 percent this year, on top of a 3.6 percent average increase in 2014.