Boston developer buys site north of uptown Charlotte for apartment project

Boston-based Eagle a Property group is planning its first Charlotte community project north of uptown.

The developer acquired four parcels across 1.9 acres in the city's Lockwoad neighborhood from Ascent Real Estate Capital on July 15, according to Mecklenburg County real estate records. Eagle I Property Group paid $6.5 million for the site, which encompasses 100 Dalton Ave., 1625 N. Tryon St. and 109 and 113 Sylvania avenues.

Ascent, a Charlotte-based commercial real estate firm, purchased the property in March 2022 for $3 million and filed a rezoning petition with the city later that year, Charlotte City Council approved the firm's petition in June 2023.

Eagle I Property Group is working with equity partners Anjani Ventures and JSR Ventures to build a seven story, 275-unit apartment community that includes studio, one- and two-bedroom apartments. The development will have at least 4,400 square feet of ground-floor retail space. Sushanth Charabuddi, founder of Eagle I Property Group, declined to provide a total project cost.

Charabuddi said the firm is in the permitting phase and plans to break ground in third quarter of 2025, with the first units delivering in 2027. Charlotte-based Edifice is the general contractor; Atlanta-based GreenbergFarrow is the project architect; Charlotte-based Kimley-Horn is the civil engineer; and Charleston, South Carolina-based Greystar is the property management company.

Charabuddi said the planned project will complement other retail, commercial and multifamily developments along the North Tryon corridor. New and ongoing projects on the city's north side include indoor pickleball club The Pickir, Fairfield Residential's 307-unit apartment project at 2220 N. Tryon St. and Beau Monde's new event space called The Casey.

"We think this parcel is perfectly sandwiched between Optimist Hall and Camp North End, especially with a lot of other going into the Camp North and segment, he said "We're hoping the market reshapes by the time we deliver. Given the number of people

coming into the city on a daily basis we believe the project will be well received

Eagle 1 Property Group is the developer behind a 132-unit community in Concord called Emery Village Apartments. It is also working on two projects in Monroe and one in China Grove. Charabuddi said the firm recently expanded its operations in the Charlotte market as it continues to grow its footprint in the Southeast.

https://www.bizjournals.com/charlotte/news/2024/07/17/boston-developer-buys-site-near-uptown-apartments.html