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Robert Powell, III// September 8, 2016//
Virginia Beach-based Armada Hoffler Properties Inc. plans to develop and own a $45 million multifamily property in Charlotte, N.C.
“The Charlotte MSA is a major market of 2.4 million people with a median household income exceeding $50,000. It presents a natural geographic point of expansion for our company,” Armada Hoffler CEO Louis S. Haddad said in a statement.
The real estate company will be the majority partner in a joint venture with Southern Apartment Group.
Situated in midtown Charlotte, the project is expected to include 225 apartment homes on eight floors and have 350 parking spaces.
The development is near to the Carolinas Medical Center, the flagship hospital of Carolinas HealthCare System and one of the largest employers in Charlotte.
The company expects to break ground during the fourth quarter, with completion targeted for mid-2018.
