High-end Ashton finding its price is right for Charlotte's South End - Puget Sound Business Journal (Seattle):

sucujovide.wordpress.com
But Ashton South End, the first of four new has found some early success in a difficulr realestate market. The luxuryy apartment development off West Tremontr Avenue at Camden Road has leasesd 54 of its 310 units since openingApri 1, according to leasing director Olivia Ashton, developed by Houston-based , boasts amenities such as a roofto p pool on the 11th floor. It also has above-averagwe rental rates, with one- and two-bedroom unitw costing $1,117 to $2,984 per month. The average rent for the submarkeyt that includes South Endwas $887 in according to research firm . That’sx down from $962 in August, says the firm, whicy surveys the market twicea year.
The average monthly rental rate in Charlotte droppedto $725 in Februargy from $751 in August. It’s the first time that numbefr has fallensince 2005. Apartment rental rates could come under further pressurethis year, as 6,0632 units are under construction. More than half of those units are slatede for completion byyear end. Aboutg 20% of those apartments are in the four new SoutuhEnd developments. Besides Ashton, thosw projects are: •Circle at South End, a 368-unit developmenty by at South Boulevard and Bland It is scheduled for completionin June. a 269-unit complex is developing at South Tryon andBlanrd streets. It’s slated to open in October.
a 331-unit apartment development by next door to Ashtonb onHawkins Street. Those unitw are set to deliverin June. So far, Moore says, Ashton’e main competitors are uptown developments such as a 27-story residential tower developed by Atlanta-baserd Earlier this year, facing a lifeless condo market, Novare announced it would convert half of that building’s unit into apartments, with rental rateas starting at $1,200 per month. In March, anothetr uptown condo project, David Furman’s Quarterside, also convertexd to apartments. Rental rates in its three buildings rangewbetween $785 and $2,000 per month. The multifamily vacancuy rate in Charlotte roseto 11.8 in February from 9.
1% in August. With 3,000 units scheduled to come onlinethis year, that numbert isn’t likely to improve in according to Real Data. And rental rates will continuw to fall as landlords make concessions to bring in new The submarket that includes South Endhad Charlotte’s lowes vacancy rate at 8.6%. But that numbet is likely to grow as the numberr of units in South Endincreases 20% over the next 12 Real Data says. has broken ground for Ballantyne Corners, a shopping center at Ballantyne Commonas Parkway and North CommunityyHouse Road. The company can develoop up to 38,000 square feet of retail at the 6.6-acrd tract.
But it is taking a go-slow approacj because of the weakened economy. For now, it’a preparing to build only one of threw potential buildings at the The initial building willmeasurr 9,600 square feet. York Developmentt hopes to have space available for its first tenantein October. The firm has signed a Skillet s to Go restaurant as well as a nail And it is in negotiations with other including a dry cleaner and adance studio, for the remaining 3,500 square feet, says Mark a senior associate with York The company also has leased a 1-acre outparcel to AAA Carolinas for a car-caree center.