(Read more on the multifamily market.)
CHARLOTTE, NC-Tampa, FL-based Phillips Development & Realtyis planning to break ground on the 372-unit apartment component ofthe mixed-use Carlisle at University Center this month. The projectis located at 708 McCullough Dr., with the first units expected tobe delivered in October 2008.
Phillips Development secured a $32.4-million loan for theapartment project whose total cost is $42 million. PhillipsDevelopment & Realty site acquisition associate Jackson Nafteltells GlobeSt.com that the project will consist of 19 buildings anda clubhouse. The complex will contain one-, two- and three-bedroomunits with an average size of 962 sf and target rents of just over$1 per sf.
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