Arlington Properties has purchased a development site along North Tryon Street in Charlotte, paying $9 million for land at 7220 N. Tryon St. McKinney Holdings sold the property to Arlington.
The tract spans 3.9 acres and is currently vacant. According to reporting cited from The Charlotte Business Journal, the site sits across from the University City Boulevard light-rail station, with the station shown in a related image.
The city of Charlotte approved a construction plan for the property last month. That plan envisions a seven-story residential building containing 334 apartments. The approved materials also indicate two amenity areas and open space for residents as part of the overall design.
The planned community is being referred to as Arlington North Tryon Apartments. Fifth Dimension Architecture and Interiors is listed as the architect for the project.
Arlington has lined up project financing in the form of a construction loan. The company has a $66.3 million construction loan on the property from Old National Bank.
Arlington is described as a multifamily development, construction and management company. The firm manages more than 30,000 apartments across more than 100 communities within a 15-state footprint. Its portfolio is concentrated in the Southeast, with additional operations in Colorado and Ohio.
In addition to the planned Arlington North Tryon Apartments, the company has three other projects in the Charlotte region, further extending its presence in the area's multifamily market.
