“We have just successfully built and leased up 76 similar homes in Athens, Georgia. These units have been rented to primarily couples and small families. The increasing trend of working more at home is also part of the increased demand for this type of housing,” said Brad Johnson, a partner at Westplan responsible for multifamily development.

Trend accelerated
The trend of larger multifamily properties for certain segments of renters has been playing out for some time. Despite low mortgage rates, for many Americans it is not possible to qualify for a mortgage. In addition, there is also a large group of people who just don’t want to buy and prefer the flexibility of a multifamily unit, especially now the prices of owner-occupied homes have risen significantly. With the advent of COVID-19 and working from home, the trend has further accelerated.

Primarily Dutch investors have invested $6.5 million in equity in the project. The total project costs are $15.9 million.

Expansion phase
The 53 townhomes are an expansion phase to the project Westplan is already building. In this fast-growing part of Charlotte, the first phase of 304 apartments will be completed later this year and then leased up to stabilization.

Adjacent to the Westplan project, Ryan Homes will build a total of 194 townhomes for sale.  The company is a US based single-family housing builder.  The reason they are choosing to build townhomes at this location is due to its tremendous growth including the Lynx Blue Line. This is a combination of light rail and cycling and walking paths, with which the city center can be reached quickly and easily.