GTIS Partners and Wood Partners Form Opportunity Zone JV and Break Ground on Class-A Multifamily Property in Charlotte, NC

CHARLOTTE, N.C., Sept. 28, 2021 /PRNewswire/ -- GTIS Partners ("GTIS"), a real assets investment firm that manages in excess of $4 billion in gross assets with a US focus on residential and industrial/logistics investments, and Wood Partners, one of the nation's largest multifamily developers, have announced the formation of a Joint Venture and ground breaking to develop Alta West Morehead ("the Project"), a 308-unit, class-A multifamily property located in one of Charlotte's Qualified Opportunity Zones, which is expected to cost approximately $72 million.

Once complete, the Project will comprise five-stories, over 260,000 SF of residential, 380 structured parking spaces and 49 surface parking spaces. The building will have a wide range of amenities, including a fitness center, clubroom, resort style pool, passive courtyard, dog spa, and a virtual concierge.

Alta West Morehead will be LEED certified and is part of Charlotte's Transit Oriented Development Zoning. Upon completion of the LYNX silver line east-west light rail line, residents of the community will have adjacent, walkable access.

The Project is located within the emerging FreeMoreWest neighborhood within one mile of the Uptown Central Business District and walking distance to the Carolina Panthers' (NFL) stadium. The Project will benefit from its proximity to Uptown while offering lower density living and at attractive relative pricing. There has been substantial new development in the surrounding area including over 430,000 SF of new retail and creative office. Amidst this influx of commercial development, only a few apartment properties are currently under construction, despite a surge in demand for residential housing that has pushed home prices in the area up by 22% annually from 2015 to 2019.

Amit Rind, Managing Director at GTIS, said, "This investment is a continuation of our strategy of pursuing secular growth themes with best-in-class operating partners. Charlotte is a dynamic market that has experienced tremendous population and employment growth, and as FreeMoreWest has benefitted from that growth, there has been a dearth of development of rental housing. We are excited to partner with Wood Partners, one of the leading apartment developers in the nation, to take advantage of the submarket's attractive fundamentals and growth trajectory by delivering Alta West Morehead."

Joshua Pristaw, Partner, Head of Capital Markets and Co-Head of GTIS Brazil, added, "Alta West Morehead is another example of GTIS aligning the long-term investment incentives of the Qualified Opportunity Zone program with its investment approach to partner with talented partners and local communities to create value for all stakeholders."

"This has certainly been a team effort and we are fortunate to have GTIS as a partner," added Jensie Teague of Wood Partners. "Alta West Morehead will serve to complement the existing FreeMoreWest neighborhood while providing the density needed for strategic growth along Charlotte's light rail corridors. We are excited about this opportunity and look forward to breaking ground this month."

The Charlotte MSA has grown rapidly over past years as one of the top destinations for domestic in-migration and one of the fastest growing labor markets in the country. On average, the City's population grew by about 48,000 people per year between 2014 and 2019. Charlotte has emerged as a professional services and banking/finance employment hub, attracting several major business relocations due to its favorable business climate, relatively low cost of living, and attractive lifestyle for residents. Bank of America and Wells Fargo each have corporate headquarters in Charlotte and collectively employ over 39,000 people. In addition to Bank of America and Wells Fargo, other major employers include Truist, the product of the merger between SunTrust and BB&T and the sixth largest bank in the US, Centene, a Fortune 50 healthcare company, Lowe's, Honeywell, and Lending Tree. 

The Project is one of seven investments made to date by the GTIS Qualified Opportunity Zone Fund. In total, GTIS has invested in 14 deals located in Qualified Opportunity Zones including the recently sold RÊVE Boulder, which represents GTIS' first completed project located in an Opportunity Zone. Alta West Morehead represents GTIS' first multifamily investment in the Charlotte MSA. GTIS has also invested in a Joint Venture that will develop a 288-acre land parcel consisting of 420 entitled single-family residential lots in one of Charlotte's fastest growing suburbs.

About GTIS Partners
GTIS Partners is a leading real asset investment and development firm headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Partners Thomas Feldstein, Josh Pristaw, João Teixeira, Rob Vahradian and Amy Boyle. The firm manages over $4 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as renewable energy infrastructure and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 130 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real assets private equity firms with holdings including office, residential, logistics, hospitality and renewable energy investments. Marquee assets in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel.

For more information, please visit www.gtispartners.com.

About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 multifamily homes with a combined capitalization of $16.5 billion. The company currently owns 70 properties across the United States representing more than 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 21 major markets across 14 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For two years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORAtm Power Rankings (Division III).

For more information, visit woodpartners.com.

Media Contacts
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ASC Advisors
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SOURCE GTIS Partners