CHARLOTTE, NC-Joint venture partners Cambridge Development Group of Houston and USAA Real Estate Co. of San Antonio have started construction on the 1100 South Boulevard apartment project here.
The 331-unit development will be built at the former Simpson Lighting Co. property in the South End section of the city, according to the Charlotte Business Journal.
Cambridge and USAA acquired the parcel that totals approximately three acres last month for $5.85 million. SunTrust Banks Inc. is providing construction financing for the project.
“We feel that 1100 South Boulevard offers us an exciting opportunity to address the current demand for multifamily housing in this extremely popular sector of Charlotte,” Len O'Donnell, CEO of USAA Real Estate, states. “It's a pleasure joining forces with Cambridge Development Group again on this exemplary project, as we continue working to create value for our investors.” See story in the Charlotte Business Journal.
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