Elizabeth Square Adds 237-Units

Elizabeth Square Adds 237-Units
CHARLOTTE, NC - Mixing contemporary living among the classically designed homes of the Elizabeth Community, a new luxury apartment option for Charlotte residents began construction this week in the uptown neighborhood. Woodfield Investments LLC, a privately owned apartment development company with offices in Washington DC, Raleigh and Charlotte, NC and Charleston, SC, kicked off the second phase of its $37 million Elizabeth Square project.

"Woodfield Investments LLC is pleased to add a new level of refined elegance in Charlotte living through our most recent apartment development," stated Greg Bonifield at Woodfield Investments LLC. "Elizabeth Square is the latest investment by Woodfield in this vibrant community and we're looking forward to becoming an even greater community partner in the years to come."

The Elizabeth Square development contains 237 units on 2.65 acres and features five stories of apartment units wrapping an above ground pre-cast concrete parking garage. Residents will enjoy a 4,000 square foot clubhouse and leasing facility, a state-of-the-art fitness center, theater and gaming area, salt water pool, courtyards, fire pits, stainless steel appliances, washer and dryer, ceramic tile and hardwood flooring. Construction will be completed in the fourth quarter of 2011.

"We spared no detail in Elizabeth Square and have brought the best of the apartment industry together to offer the most desirable amenities through this new construction," stated Chad Hagler at Woodfield Investments LLC. "Woodfield looks forward to building what promises to be a new focal point of this charming community."

Construction and permanent financing is provided by the Federal Housing Administration's (FHA) Mortgage Insurance Programs Section 221 (d) (4) program for market rate apartment projects.

The Housing Studio of Charlotte, renowned throughout the Southeast for its fresh take on multifamily housing, designed Elizabeth Square. Also contributing to the project is landscape architect and civil engineer Design Resource Group of Charlotte and general contractor C.F. Evans & Company of Orangeburg, SC. Red Capital Group of Columbus, OH acted as the Multifamily Accelerated Processing (MAP) Lender for the 221 (d) (4) financing.

Woodfield Investments LLC also has apartment homes under construction in communities in Arlington, VA, Raleigh, NC, and Charleston, SC. Additional Charlotte, NC properties developed by Woodfield Investments LLC include the first phase of Elizabeth Square and Gramercy Square at Ayrsley. Woodfield also plans a third quarter 2010 ground breaking on their 300 unit class-A project, The Residences of Hidden Creek in Gaithersburg, MD.
Source: Woodfield Investments LLC

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