Fast-growing area of Charlotte picks up dozens of townhomes
Beauxwright has delivered the first of 58 build-to-rent townhome units at its east Charlotte development.
The Charlotte-based developer has partnered with local investment firm Cedar Square on Radial at MoRA Point. That project is located at 4009 Connection Point Blvd., just off East Independence Boulevard near the Oakhurst neighborhood.
Avery Rogers, development manager at Beauxwright, said the project includes two- and three-bedroom units and a private dog park. The three-bedroom townhomes also have attached garages. Rent starts around $2,000 per month for a two-bedroom unit and in the mid-$2,000 range for a three-bedroom townhome, Rogers said.
The first residents began moving in last week, Rogers said. Sixteen of the 58 townhomes are completed, and the remaining units are slated to deliver by the end of summer.
Rogers said the project fills a void, not only in the build-to-rent space but also in the area of east Charlotte.
"If you look at the Oakhurst neighborhood over the last several years, there’s been a lot of growth from both a residential and a commercial perspective, which has made the area blossom and created this highly amenitized submarket," she said. "Beauxwright likes to develop in areas that offer urban walkability with the convenience of suburban living, and we believe developing these types of build-to-rent options is a complementary option for housing in Charlotte."
Charlotte-based Copper Builders is the general contractor for Radial at MoRA Point, and Rock Hill-based Vinyet Architecture is the project architect.
Rogers said Charlotte's build-to-rent market continues to grow as more people move to the city.
"We really believe in the growth of this area and the untapped opportunity of the city that's driven by population growth," she said. "That is expanding what people would historically consider infill or central Charlotte and really pushing the boundaries."
Beauxwright has several projects in various phases of development, Rogers said.
Bowery West, a 213-unit multifamily and BTR community at 2314 Berryhill Road in Wesley Heights delivered recently; Cascadia at Highland Creek is an 89-unit BTR townhome community with 4,000 square feet of retail. Summit Coffee and YogaSix recently opened there.
Rogers said Beauxwright is also working with Toll Brothers on Sugar Yards, the redevelopment of the former Asian Corner Mall site. Phase one of that mixed-use project will include 186 townhomes — 119 for-sale units and 67 rental units — as well as commercial development.
Since its founding in 2013, Beauxwright has acquired and developed more than 2,600 residential units across 3.1 million square feet of real estate. The firm's portfolio includes mixed-use commercial, build-to-rent, multifamily and for-sale residential development.