A new multifamily development dubbed The Ridge at North Pointe has recently broken ground in Charlottesville, Virginia. GW Real Estate Partners formed a joint venture partnership with Virtus Real Estate to build the housing project. Additionally, the developers also secured an undisclosed amount of construction financing from United Bank to commence construction.
The Ridge at North Pointe will be the second ground up multifamily development for GW Real Estate in Virginia. According to a principal at GW Real Estate, Robert Gordon, the location for the project is quite ideal. Especially since the presence of the University of Virginia is consistently generating strong demand for housing in the region. Gordon also said he expects the new community to perform well, with the limited supply of new apartments at the location.
The Ridge at North Pointe project will take place at the intersection of Cliffstone Boulevard and Northside Drive. Therefore, its location provides access to several nearby infrastructure including The North Fork Research Park of the University of Virginia. In addition, the National Ground Intelligence Center is also adjacent to the project’s site. Future residents will have easy commutes to Charlottesville, which is 20 minutes away and Washington D.C that’s 100 miles out.
Number of units at The Ridge at North Pointe
The Ridge at North Pointe will be built on a 224-acre property, and include 279 units spread across seven buildings. All buildings will stand at three stories and offer a mix of one, two and three bedroom apartments. These apartment units will have an average size of 988 square feet and include several high-end amenities. Interiors of the units will be furnished with quartz countertops, stainless steel appliances, wood style flooring and keyless entry systems. Additionally, the community will offer residents individual patios, as well as in unit washers and dryer facilities. There will be 502 parking spaces on the property, along with 14 installed electric vehicle charging stations.
The development team working on The Ridge at North Pointe project includes Heffer Architects as the project’s architect. While Collins Engineers will serve as the civil engineers. GW Builders, a subsidiary of GW Real Estate has been contracted as the general contractor. The developers plan to deliver the project by the second quarter of 2024.