University City

• Property is located right across from a LYNX Blue Line stop. Little known fact, UNC students may use this rail line free of charge.
• The University Submarket is experiencing a significant expansion of its apartment offerings, driven by the demand created by the 30,000-student University of North Carolina at Charlotte (UNCC) and major office operations for TIAA and Wells Fargo. The extension of the LYNX Blue Line to reach the UNCC campus in 2018 has further accelerated construction activity. Currently, the University has more units under construction than any other area in Charlotte except South End. *CoStar
• Despite experiencing long-term rent growth that outpaced surrounding submarkets and a 60% increase in rents since 2010, the supply pipeline has led to slower-than-average rent increases in the past year. Asking rents remain slightly below the metro-wide average at close to $1,530/month. This is primarily due to lower 4 & 5 Star rents in the area after a surge of high-end apartment supply. However, rents in 3 Star and 1 & 2 Star properties here charge a premium over other submarkets. *CoStar
• The fast-growing inventory has been well-received by investors, leading to an uptick in investment in the submarket over the past decade. Out-of-state buyers seeking higher yields in high-growth markets have shown particular interest, resulting in a total sales volume of about $561 million in the past year. Despite economic uncertainty and rising interest rates, investor interest remains strong in the University Submarket. Although the total sales volume in 2022 slowed compared to 2021, it was still higher than any pre-pandemic year. Asset pricing has more than doubled since 2010, averaging around $250,000/unit. *CoStar