DPJ Residential to Develop $10M, 77-Unit Boutique Apartment Community

By Eliza Theiss, Associate Editor

Asbury Flats

Charlotte-based boutique apartment developer DPJ Residential is gearing up to break ground on a 77-unit multifamily project on Freedom Drive, near Charlotte’s Uptown.

Dubbed Asbury Flats, the $10 million project will be developed in partnership with real estate investment firm Chaucer Creek Capital, reported the Charlotte Business Journal.  Raleigh, N.C.-based Chaucer Creek Capital is an owner of garden apartment communities across the Southeast.

DPJ has paid $900,000 for the 1.7-acre site where Asbury Flats will rise, according to the Charlotte Business Journal. Set to open in March 2016, units will rent at around $950 for a studio apartment, $1,000 for a one-bedroom apartment and $1,450 for a two-bedroom residence.

Asbury flats will offer unobstructed views of Charlotte’s skyline and easy access to the city’s major thoroughfares. Asbury Flats will be less than a mile away from Charlotte’s CBD and the newly-built BB&T Ballpark. The project will also be walkable to varied retail and specialty office locations. Abutting the 2.9 mile Irwin-Stewart Greenway, Asbury Flats will offers residents quick access to biking and walking trails and easy access to Frazier Park’s sizeable dog park.

According to the Charlotte Business Journal, the development team includes Cline Design as architect, Design Resource Group as civil engineer, Concorde Construction as general contractor, with NewBridge Bank providing construction financing. Headquartered in Greensboro, N.C., NewBridge Bank is a full-service, state-chartered community bank.  Local architecture firm Cline Design  has extensive multifamily experience, having been part of high-profile developments such as Crescent Cameron Village, Crescent Ninth Street and Perimeter Station.

Charlotte-based Concorde Construction has developed over 11 million square feet of projects worth more than $600 million throughout the Southeast. Among its contracts were multiple boutique apartment projects, such as the 51-unit The Lofts at Charleston Row-South and the 46-unit The Lofts at Charleston Row North. Charlotte-based Design Resource Group has been involved in numerous multifamily projects throughout the Carolinas, such as the 320-unit Camden Overlook in Raleigh, N.C., the 280-unit Courtney Oaks in Charlotte and the 240-unit Alta Crescent in Greer, S.C.

Click here for further Charlotte market data

Image courtesy of DPJ Residential