Seven Building,180 Unit Expansion to Existing Phase I Asset
The Milestone Group (Milestone) has completed construction on the second phase of Courtney Ridge Apartments in Charlotte, NC, delivering an additional 180 Class A residential units across seven new garden-style apartment buildings. Located in the Lower South End (LoSo) neighborhood, delivery of Phase II represents a 13-acre expansion of the existing 280-unit Courtney Ridge property Milestone acquired in 2018.
“This project demonstrates our ability to adapt to changing environments, through building a residential community that is not only attractive but also one that caters to the evolving preferences and needs of tenants,” says Michael Sauer, Vice President, Asset Management, of The Milestone Group, who spearheaded the day-to-day development and construction activities related to the project. Sauer continued, “The project began construction one year after the beginning of the COVID-19 pandemic, providing us with a unique opportunity to incorporate features that seek to meet the current and future needs of tenants. These features include thoughtful design provisions and amenities that cater to the growing trend of remote work and the need for more space and functionality in homes, especially among young families and individuals. By responding to these emerging trends, we have positioned the residential community for long-term success and appeal to a broad range of tenants. We believe that this project will serve as a blueprint for future developments that prioritize tenant needs and preferences and provide a high-quality living experience.”
Phase II offers a mix of spacious one, two, and three-bedroom floorplans equipped with uninterrupted unit-to-common area fiber-optic Wi-Fi connectivity. Standard unit finishes feature granite countertops in the kitchen and bathroom, 42” cabinets, undermount sinks, tile backsplash, stainless steel appliances with glass stove top, washer/dryers in every unit, vinyl plank flooring, and large spacious balconies. Additional features in select units include stand-up showers and 11-foot ceilings.
Designed to enhance the resident experience, Phase II provides residents with a differentiated variety of shared amenities to complement the existing Phase I property. Phase II’s clubhouse is equipped with individual workstation consoles, a main conference room with industry-grade conferencing capabilities, a 24/7 package delivery center, a coffee bar, kitchen area, and patio overlooking a pond with a dramatic water feature.
Residents of Phase II also have access to shared amenities with Phase I, including a resort-inspired swimming pool, a convenient picnic area with an outdoor kitchen, an off-leash bark park, a wi-fi lounge with high-speed internet, and a newly expanded fitness center that encompasses 3,000 square feet and includes state of the art exercise equipment such as a TRX Training System and Echelon bikes and fitness mirrors.
“Acquiring Courtney Ridge Phase I along with the adjacent land parcel created a compelling opportunity to leverage our strengths as both value-add investors and developers to bring a desirable residential community to an energetic and vibrant neighborhood in Charlotte,” says Shay Newcomer, Asset Manager, The Milestone Group. “By deploying our experience in property development, we were able to create a project that meets the needs and wants of the residents. We believe that our approach has set a new standard for future developments, and we look forward to continuing to innovate and deliver value to our investors and the communities we serve.”
Courtney Ridge is located at 7030 Parkway Commons Drive in the LoSo neighborhood near the intersection of Billy Graham Parkway and I-77. The property is situated less than seven miles and approximately 15 minutes from both Uptown Charlotte to the northeast and the Charlotte Douglas International Airport to the northwest, offering proximity to shopping, entertainment, restaurants, schools, and recreational activities.
The development and construction of Courtney Ridge Phase II began in February 2021, with TuckerCraft, an Atlanta-based firm, as general contractor, SGA|NW as project architect, and Design Resource Group as the project engineer. Financing was provided by PNC Bank.
The Milestone Group is a leading, privately held real estate investment management firm with strong expertise and focus on value-add multifamily assets in major metropolitan markets of the United States. Founded in 2003, Milestone has created trust and confidence with its investors through successfully navigating multiple economic cycles across over $9 billion of multifamily investments totaling more than 90,000 units. Milestone invests through a series of discretionary equity funds and has corporate offices in Dallas, TX, Boca Raton, FL, and Atlanta, GA. For more information, please visit www.milestonegp.com or contact investorrelations@milestonegp.com.
