Charlotte Shines With a Thriving Multifamily Market
Multifamily News
Charlotte boasts distinct-yet-charming neighborhoods, a pleasant subtropical climate, and a wealth of financial employment opportunities. It’s no surprise the city continues to experience phenomenal growth.
In parallel, Charlotte experienced increased demand, accelerated rent growth, and a steady vacancy rate of just 4.8%, according to a report from NorthMarq. By the end of the second quarter, 20,657 units were under construction in the city. By 2023-2024, new developments are going to be completed to meet the demand for growth. In turn, the city’s rapid growth has prompted a new interest in major property management groups.
Charlotte Residential Developments
For example, Mill Creek Residential Trust continues to expand its presence in Charlotte and is anticipated to become a major player within the city. The renowned Boca Raton developer, builder, and operator has opened a regional office.
Aside from establishing a regional office, Mill Creek is developing the 239-unit Modera South Park. It is projected to open in early 2024. Recently, Modera LoSo, a new building in the Lower South End submarket, started the construction process. With 351 apartments, the Modera LoSo will be located within walking distance of LYNX Blue Line Scaleybark Station and nearby office, retail, and entertainment hubs. Additionally, The Alister Uptown community, also in Uptown, has been acquired by Mill Creek.
The Promising Future of Charlotte
As part of the multifamily industry, we are excited to see positive growth for the city of Charlotte and the completion of new developments. Ultimately, over 60 percent of the projects under construction will deliver in 2023 or 2024 according to NorthMaq. Our creative agency offers the perfect marketing solutions for new developments including renderings, sitemaps, floorplans, photo or video shoots, social media management, and lease-up plans.
For any creative multifamily solutions send us a message or schedule a demo.
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