GTIS Opportunity Zone JV to Develop Charlotte Multifamily Property
GTIS Partners, a real estate investment firm that manages in excess of $4 billion in assets, has formed a joint venture with Wood Partners to develop Alta West Morehead in Charlotte, North Carolina.
GTIS Partners, a real estate investment firm that manages in excess of $4 billion in assets, has formed a joint venture with multifamily developer Wood Partners to develop Alta West Morehead, a 308-unit Class A multifamily property located in one of Charlotte’s qualified opportunity zones. The project is expected to cost approximately $72 million.
Once complete, Alta West Morehead will be LEED certified and comprised of five stories, more than 260,000 square feet of residential space, and 429 structured and surface parking spaces. Amenities will include a fitness center, clubroom, swimming pool, courtyard, dog spa, and a virtual concierge. The project is located within the FreeMoreWest neighborhood, one mile of the Uptown central business district and walking distance to the Carolina Panthers’ stadium.
“Charlotte is a dynamic market that has experienced tremendous population and employment growth, and as FreeMoreWest has benefitted from that growth, there has been a dearth of development of rental housing,” said Amit Rind, managing director at GTIS. “We are excited to partner with Wood Partners…to take advantage of the submarket’s attractive fundamentals and growth trajectory by delivering Alta West Morehead.”
The Alta West project is one of seven investments made to date by the GTIS Qualified Opportunity Zone Fund, a private placement that launched in early 2019 and seeks to raise $500 million, according to SEC filings.
In total, GTIS has invested in 14 deals located in opportunity zones including the recently sold RÊVE Boulder, its first completed opportunity zone project.
GTIS Partners manages more than $4 billion in gross assets and is active across various real estate sectors including single-family and multifamily housing, office, industrial/logistics and hospitality as well as renewable energy infrastructure and opportunity zone investments.
