Taft Development Group (TDG) acquired Melrose Place apartments, at 1351 E. Woodlawn Road, which is near the intersection with Park Road and is in walking distance to Park Road Shopping Center. TDG paid $8 million for the 2.9-acre site, which includes Melrose Place and four single-family residential lots on Drexel Place, according to Mecklenburg County real estate records.
The site was the subject of a rezoning that was filed in 2015 but wasn't approved by Charlotte City Council until late 2017. The new zoning allows for up to 265 apartments and eight townhouse-style units, but TDG is expecting to rezone the site again to accommodate its plans, said Mike McCarty, President of Taft Development Group.
The Park Road corridor has become an attractive submarket for investors in Charlotte, led at least in part by the redevelopment of Park Road Shopping Center by Edens, which has spent significant capital in renovations and new tenancy at the 1950s-era retail center.
The 54 apartments at Melrose Place were built in 1967. Units are in a series of low-rise, garden-style buildings and rent at rates markedly below new construction apartments in the immediate area. The property would likely qualify as naturally occurring affordable housing, as the rents are below market average but the property isn't subsidized.
McCarty said new construction is likely at least a year or, potentially, two years out and that TDG does not plan to demolish any buildings or make tenant changes until the project moves close to groundbreaking.
Elsewhere in the region, TDG is under construction on a $35 million, 250-unit multifamily development in Matthews near Family Dollar's headquarters.
Read more at Charlotte Business Journal