Real Estate Weekly
Image default
Deals & Dealmakers

Jefferson Apartment Group Breaks Ground on Charlotte’s J Optimist Park

Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities on the East Coast, has broken ground on J Optimist Park in Charlotte, North Carolina.

The construction start comes about three months after JAG closed on the purchase of 5 acres at 200 Wadsworth Place in the Optimist Park neighborhood, along with equity partner Cadre.

“We’re excited to get construction underway on JAG’s first development in the Queen City,” said Adam Ricketts, JAG’s Vice President and Development Partner. “Charlotte is an incredibly active market, and the demand for Class A multifamily is strong. Our second Charlotte-area project, in South Charlotte, is also in the works for later this year—and we anticipate more to come in the Carolinas.”

J Optimist Park will be a 350-unit, 6-story midrise featuring a red brick and ironwork exterior in a nod to the industrial heritage of the property. It will offer studio, one- and two-bedroom apartments ranging from 523 square feet to 1,197 square feet—some with private balconies and views of uptown. All units will feature top-of-the-line finishes, including plank flooring, quartz countertops, stainless steel appliances, and tile backsplashes. Additionally, 467 parking spaces will be available to residents, consisting of both garage and surface parking.

Amenities will include a resident lounge, game room, fitness center, open coworking space, pet spa, gear room, and a bike storage room with maintenance bench. Outdoor amenities include a resort-style swimming pool, two courtyards, outdoor yoga lawn, and a covered porch with double-sided fireplace. The building’s interior assumes nostalgia meets vintage travel, inspired in a fresh new way through a Vestaboard in the lobby lounge adding a distinctive railway element to the atmosphere and with touches of Gingham patterns in the interior design inspired by the fabric mill that was previously located next door at what is now Optimist Hall.

Financing for J Optimist Park is provided through United Bank. Construction is expected to take place over the next two years with anticipated delivery in 2Q 2024.

J Optimist Park is convenient to Charlotte’s uptown business district, with easy access to interstates 277 and 74 and is walkable to the new Parkwood Station on the Lynx Blue Line.

“J Optimist Park is close to transit and a diverse, rapidly growing employment base. It has best-in-class amenities and offers residents easy access to a densifying submarket that includes the popular Optimist Hall restaurants, entertainment and shops right next door,” said Ryan Munoz, Cadre’s Director of Private Equity Real Estate. “We’re pleased to partner with Jefferson Apartment Group for this luxury development and are excited to see it begin to take shape.”

For more information about J Optimist Park and JAG, please visit jeffersonapartmentgroup.com.

Related posts

CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy

REW

National Real Estate Advisors, Cathexis and The HYM Investment Group Secure $150M Construction Loan for Suffolk Downs Redevelopment

REW

Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street

REW