GTIS Partners announced the formation of a joint venture with real estate development company Wood Partners on a $72 million multifamily project in Charlotte, North Carolina. The Alta West Morehead development will be a five-story building with 308 units of class-A multifamily and more than 400 parking spots.
The Alta West Morehead development is in Charlotte’s FreeMoreWest neighborhood, just a short walk from the local NFL stadium. Charlotte has seen a surge of investment and population growth in recent years; it was the 22nd fastest growing city in the U.S. in 2020 according to U.S. News and World Reports. It is also home to the corporate headquarters of Bank of America, Honeywell International, Family Dollar, and Duke Energy.
Charlotte is home to 17 Opportunity Zones with an aggregate population of approximately 58,000.
“This investment is a continuation of our strategy of pursuing secular growth themes with best-in-class operating partners,” said GTIS Managing Director Amit Rind. “Charlotte is a dynamic market that has experienced tremendous population and employment growth, and as FreeMoreWest has benefitted from that growth, there has been a dearth of development of rental housing.”
This is the seventh investment made by the GTIS Qualified Opportunity Zone Fund and 14th GTIS deal located in an Opportunity Zone. GTIS is also planning to develop a nearly 300-acre parcel in a Charlotte suburb.