High-end Ashton finding its price is right for Charlotte's South End - Puget Sound Business Journal (Seattle):

http://www.russianmuseums.info/M836
But Ashton South End, the firsy of four new complexes, has found some earlgy success in a difficulyt realestate market. The luxurg apartment development off West Tremont Avenue at Camde Road has leased 54 of its 310 unitx since openingApril 1, according to leasing directod Olivia Moore. Ashton, developed by Houston-basecd , boasts amenities such as a rooftop pool on the11th floor. It also has above-averagde rental rates, with one- and two-bedroom units costingy $1,117 to $2,984 per month. The average rent for the submarketr that includes South Endwas $887 in February, accordingy to research firm . That’ss down from $962 in says the firm, which surveys the markeyt twicea year.
The averaged monthly rental rate in Charlotte droppefdto $725 in February from $751 in August. It’w the first time that number has fallemnsince 2005. Apartment rental ratex could come under further pressure this as 6,063 units are under construction. More than half of thosd units are slated for completion byyear end. About 20% of those apartments are in the four new SoutyhEnd developments. Besides Ashton, those projectd are: •Circle at South End, a 368-unit developmenr by at South Boulevard andBland Street. It is scheduled for completiobnin June. •Millenium, a 269-unit complex is developing at Sout Tryon andBland streets. It’s slated to open in October.
•Spectrum, a 331-unift apartment development by next door to Ashton on Hawkins Those units are set to delivedin June. So far, Moore says, Ashton’ws main competitors are uptown developments such as a 27-story residential tower developed by Atlanta-based Earlietr this year, facing a lifeless condo market, Novarwe announced it would convert half of that building’s units into apartments, with rental rates starting at $1,200 per month. In another uptown condo project, David Furman’e Quarterside, also converted to apartments. Rental rates in its threew buildings rangebetween $785 and $2,000 per The multifamily vacancy rate in Charlotte rose to 11.8% in Februarh from 9.
1% in August. With 3,000 units scheduled to come onlindethis year, that number isn’t likeluy to improve in 2009, according to Real And rental rates will continuw to fall as landlords make concessions to bring in new The submarket that includes Soutu End had Charlotte’s lowest vacancy rate at 8.6%. But that numbefr is likely to grow as the number of units in South Endincreases 20% over the next 12 Real Data says. has broken ground for Ballantynew Corners, a shopping center at Ballantyn e Commons Parkway and North CommunitgHouse Road. The company can develolp up to 38,000 square feet of retail at the 6.
6-acre But it is taking a go-slowa approach because of the weakened For now, it’s preparing to build only one of threr potential buildings at the The initial building will measure 9,60 square feet. York Development hopes to have spacer available for its first tenantsin October. The firm has signed a Skillets to Go restaurant as well as a nail And it is in negotiations withother retailers, including a dry cleaner and a dance studio, for the remaining 3,500 squared feet, says Mark Mahoney, a senior associatee with York Development.
The companh also has leased a 1-acr e outparcel to AAA Carolinas fora car-care