University City attracting apartment investors, builders

Vinoy at Innovation Park

Vinoy at Innovation Park

The Vinoy at Innovation Park apartments near Vance High School have a new owner. Eaton Vance Management’s Real Estate Investment Group purchased the 356-home community on Jan. 31 from Heitman, of Chicago for $52,750,000.

That is 38% more than Heitman paid for The Vinoy in 2012. The apartment community, built in 2005 on 23.8 acres, has 18 buildings totaling 358,319 square feet.

Several University City apartment communities have changed hands over the past two years, with similar increases in sale prices to The Vinoy.

The Vinoy Apartments’ new owner, Boston-based Eaton Vance’s Real Estate Investment Group, reports that it manages over $2 billion of commercial real estate investments comprised of more than 80 individual properties located throughout the United States, including about 13,000 multifamily units.

More apartment communities coming to University City

Demand for apartments and new construction to meet that demand continues in University City.

Clubhouse pool room at The Sovereign at Belgate

The Sovereign at Belgate, a 266-unit apartment community on IKEA Boulevard has begun leasing. Rents range from $999 per month for a one-bedroom apartment to $1,419 per month and up for three-bedroom units with nearly 1,500 square feet of space.

Amenities available at The Sovereign include private garages with some units; a pool table in the clubhouse and spacious outdoor covered lounges with nearby barbecue areas.

The University City Apartments, with 376 units, is under construction near the Tom Hunter Road LYNX transit station. The developer also plans to build shops and offices nearby.

The Charlotte City Council in the past few months has approved:

  • A five-story, 280-unit apartment building near the McCullough Drive LYNX light-rail station.
  • Up to 300 apartments at Sen Royall Drive and Mallard Creek Church Road.
  • 322 units of student housing in buildings up to five stories tall on University City Boulevard and Sandburg Avenue.

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