ContraVest to build large apartment complex in Charlotte
January 21, 2013 by Sarah
A construction and property management firm out of Florida is making plans to construct a large apartment complex in the southwest area of Charlotte.
The complex, which will be named ‘The Addison’, will consist of 321 units on a 25-acre parcel of land. ContraVest, which is based in Florida, intends to construct nine buildings at the site, which is located to the north of West Arrowood Road on South Tryon Street. Construction on the complex was planned to begin last month and it is anticipated that occupancy of some of the units will begin in October of this year.
A boost in population could well mean a boost in business in the area. Large apartment complexes and other housing projects in the community could result in an increase in new business within the area. New and existing businesses may invest in the printing services of local printing companies to advertise and draw in new customers.
ContraVest not only handles apartment management and construction for its own properties, but for other developers as well. The company currently manages 19 apartment communities located throughout the southeast portion of the United States, including properties in Tennessee, Georgia, Florida, and North and South Carolina. ContraVest currently has two other properties in North Carolina. Courtney Reserve is located in Cary at Cary Park and The Crossings at Alexander Place is located in Raleigh.
An affiliate of ContraVerse purchased the 25-acre site where The Addison will be located for a reported sum of $3.3m. The buyer was represented by Larry Core of the SouthEast Commercial Real Estate Group Inc., while the seller was represented by Lawrence Shaw of Colliers International.