New High-End Apartments Start Leasing on Park Road

By Ely Portillo, The Charlotte Observer

Charlotte’s newest apartment building is hitting the market: 5115 Park Place by Pollack Shores has started leasing.

The 273-unit development on Park Road is set to open to the first residents in January 2016. A temporary leasing office is open at 5110 Park Road Suite 1, in the shopping center across the street from 5115 Park Place.

Atlanta-based Pollack Shores, the developer behind the project, is getting ready to open another large project several miles away: The Gibson, in Plaza Midwood. Located at Central and Louise avenues, the 250-unit apartment building is expected to be open for its first move-ins this April.

Amenities at 5115 Park Place include “a resort-style swimming pool, state-of-the-art fitness center, controlled access parking and a beautifully designed clubroom.” The interiors are outfitted with granite countertops, stainless steel appliances and shaker-style cabinets.

The prices reflect the upscale amenities and finishes. Rent starts at $999 for a 592-square-foot 1-bedroom, 1-bathroom apartment and go up to $2,815 for a 3-bedroom, 2-bathroom unit that totals 1,416 square feet (That’s $1.69/sf to $1.99/sf, for those keeping close tabs).

Next year will be a major test for the booming Charlotte apartment market: With a record number of units under construction, thousand of new apartments will become available for lease. Many of them are in similar locations – uptown or close-in neighborhoods – and most are targeting the high end of the market. Will the market be able to sustain rent growth, or will landlords have to start offering breaks to lure tenants?

Read the full article here.