(Read more on the multifamily market.)

CHARLOTTE, NC-Tampa, FL-based Phillips Development & Realty is planning to break ground on the 372-unit apartment component of the mixed-use Carlisle at University Center this month. The project is located at 708 McCullough Dr., with the first units expected to be delivered in October 2008.

Phillips Development secured a $32.4-million loan for the apartment project whose total cost is $42 million. Phillips Development & Realty site acquisition associate Jackson Naftel tells GlobeSt.com that the project will consist of 19 buildings and a clubhouse. The complex will contain one-, two- and three-bedroom units with an average size of 962 sf and target rents of just over $1 per sf.

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