upscale living. fast-paced lifestyle.
From 2000 to 2010, Charlotte, NC saw an influx of more than 434,000 residents. Home to hundreds of Fortune 500 companies, the city shows no sign of slowing down.
Charlotte’s rents grew as well (6.8% year-over-year, led by a 9.5% increase in class A rents, according to MPF Research), creating a perfect opportunity for new apartment construction.
Through a private land acquisition, Covington secured an unbeatable location near highways, a new major mall, and employment hubs. Offering the latest amenities and premium finishes, Vanguard Northlake quickly leased up in a competitive market at 4% above stabilized rent projections. The property sold in the fall of 2016.
Location: Charlotte, NC
Project Completion: Summer 2015
Project Sale: Fall 2016