Kaplan Residential, Origin Investments to develop $76M Multifamily project in Belmont – Charlotte Business Journal

Courtesy Kaplan Residential and Origin Investments

From the Charlotte Business Journal: Full Article Here

Two real estate firms have partnered to develop a major multifamily project just west of Charlotte.

Multifamily developer Kaplan Residential announced yesterday it had partnered with Origin Investments to develop a $76 million project in Belmont. The project calls for 322 units, including apartments and townhouses, and would be completed in late 2023 or early 2024. The project is the first between the two companies.

The development will include 32 townhomes, along with a mix of one-, two-, three-bedroom apartments. A name for the project was not announced.

“We are excited for this investment, as it represents a tremendous opportunity to leverage Belmont’s continued growth as an increasingly desirable submarket with limited supply,” said, David Wlek, managing director of acquisitions at Origin Investments. “The submarket’s 99% occupancy rate, limited pipeline, and a protracted approval process pave the way for continued strength in the market and strong performance for our investors.”

The project will be on a 39-acre site at 6900 Wilkinson Boulevard.

That is the same site where Kaplan Residential previously intended to develop a project called The Morris at Belmont while partnering with Charlotte-based Catalyst Capital Partners. In 2019, the developer won rezoning approval for the project, the Charlotte Business Journal reported at the time, which called for 325 apartments. Catalyst was not mentioned in yesterday’s announcement for the project.

The project is the latest for Kaplan, which focuses on multifamily and build-to-rent developments in the Southeast. The developer has offices in Atlanta and Miami. Origin Investments is headquartered in Chicago but has regional offices in Nashville, Tennessee, and Dallas, according to its website.

“We are pleased to partner with the Origin Investments team as fee developers to bring this project and additional timely, build-to-rent concepts of life,” said Morris Kaplan, founder, and president of Kaplan Residential. “Together, we will produce developments that fit the rapidly-evolving renter demographics and deliver needed luxury amenities and expansive floorplans in markets we serve.”