CHARLOTTE, N.C. — Waypoint Residential has acquired a 20-acre development tract in Charlotte’s Mountain Island Lake submarket. The Boca Raton, Fla.-based developer plans to build a 240-unit, garden-style apartment community on the site with units averaging approximately 900 square feet. No community amenities were announced.
The land seller, locally based US Developments, is working with Waypoint Residential to find other development sites in the Charlotte MSA. Waypoint Residential plans to break ground in the fourth quarter and deliver first units in fourth-quarter 2023. The developer plans to fully deliver the unnamed community by the second quarter of 2024.
The site is across the street from a Food Lion-anchored shopping center and is within three miles of the U.S. National Whitewater Center.