AvalonBay Communities Inc. (NYSE: AVB) and The Spectrum Cos. have delivered Avalon Lake Norman, a 345-unit apartment and townhome community at 170 Caspian Place, west of Mooresville.
Public records show that AvalonBay acquired the 27.1-acre project site in October 2022 for $5.6 million.
The Atlanta Business Chronicle reports Avalon Lake Norman includes 47 townhomes and nearly 300 apartments for rent, with a mix of one-, two- and three-bedroom floorplans. Its clubhouse has a coworking space, a two-story fitness center and a private pool deck. The townhomes include three-story units, each with a private entrance.
The Spectrum Cos. developed Vantage South End, a mixed-use complex that sold late last year for $328.5 million. Earlier this year, construction started on a 320-unit apartment development in Indian Trail.
AvalonBay’s portfolio includes the redevelopment of a former office property in South Charlotte, a partnership with multifamily developer Terwilliger Pappas.
The post AvalonBay, Spectrum Open Lake Norman Apartment/Townhome Venture appeared first on Connect CRE.
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