Dominion Realty Partners has just closed on the development site for a 200-unit Class A apartment community, marking its first apartment project in Charlottesville. The new scheme, Fifth Street Place, will be located at the intersection of Interstate 64 and 5th Street. The plans call for five apartment buildings with one- and two-bedroom units with a average unit size of 939 sqf. Amenities in the community include a clubhouse with Wi-Fi, fitness center, coffee bar, business center and a large swimming pool with a grilling area. Citizens Bank of Charlotte, N.C., is providing the financing for the project. Rule Joy Trammell & Rubio designed the project and VCC will be the general contractor overseeing construction. The first units are scheduled for completion in spring 2017.
“Charlottesville is a market that we have been pursuing for quite some time, but finding the right opportunity is obviously key,” Michael Campbell, principal at DRP, told MHN. “The multifamily fundamentals are strong with significant barriers to entry in terms of zoning and entitlements.”
