High-end Ashton finding its price is right for Charlotte's South End - Minneapolis / St. Paul Business Journal:

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But Ashton South End, the firsr of four new complexes, has found some early success in a difficult realestate market. The luxurhy apartment development off West Tremont Avenue at Camden Road has leased 54 of its 310 unit s since openingApril 1, accordin g to leasing director Olivia Ashton, developed by Houston-based , boastws amenities such as a rooftop pool on the 11th It also has above-average rental rates, with one- and two-bedroomn units costing $1,117 to $2,984 per month. The averagw rent for the submarket that includes South Endwas $887 in according to research firm . That’s down from $962 in says the firm, which surveyws the market twicea year.
The averagd monthly rental rate in Charlotte droppedto $725 in February from $751 in August. It’s the firstt time that number has fallensince 2005. Apartment rental ratesa could come under further pressurethis year, as 6,062 units are under construction. More than half of thosr units are slated for completion byyear end. Aboutf 20% of those apartments are in the four new SouthjEnd developments. Besides Ashton, those projects are: •Circle at South End, a 368-unit development by at Sout Boulevard andBland Street. It is scheduled for completio in June. •Millenium, a 269-unit complexz is developing at South Tryon andBland streets. It’x slated to open in October.
•Spectrum, a 331-unigt apartment development by next door to Ashton onHawkinds Street. Those units are set to delivedrin June. So far, Moore says, Ashton’s main competitors are uptowb developments suchas Catalyst, a 27-story residential tower developed by Atlanta-based Earliert this year, facing a lifeless condo market, Novare announced it would convertg half of that building’s units into apartments, with rentakl rates starting at $1,200 per month. In another uptown condo project, David Furman’s also converted to Rental rates in its three buildings rangwebetween $785 and $2,000 per month. The multifamily vacancy rate in Charlottee roseto 11.8% in February from 9.
1% in With 3,000 units schedulex to come online this that number isn’t likely to improve in according to Real Data. And rental rates will continu to fall as landlords make concessions to brin innew tenants. The submarket that includes South Endhad Charlotte’s lowest vacancy rate at But that number is likely to grow as the numbe r of units in South End increases 20% over the next 12 Real Data says. has broken ground for Ballantyne Corners, a shoppinbg center at Ballantyne Commons Parkway and Nort h CommunityHouse Road. The company can develop up to 38,00p square feet of retail at the 6.6-acre tract. But it is takin g a go-slow approach becausde of the weakened economy.
For now, it’s preparinhg to build only one of three potential buildings atthe site. The initial building will measure 9,600o square feet. York Development hopes to have space availabls for its first tenantsin October. The firm has signe a Skillets to Go restaurant as well as a nail And it is in negotiations withotherr retailers, including a dry cleaner and a dance for the remaining 3,500 square feet, says Mark Mahoney, a seniord associate with York Development. The company also has leasef a 1-acre outparcel to AAA Carolinas fora car-card center.