GW Real Estate Partners, a vertically integrated multifamily construction and development firm, along with joint venture partner Griffin Capital, announce the financing and construction of The Arrowood Charlottesville, a new Class A apartment community located in the Rio Road neighborhood of Charlottesville, Virginia.
This is GWRE Partners’ third multifamily community development in Virginia. Its second – The Ridge at North Pointe (a 279-unit community) – is scheduled to deliver in the first half of this year and began pre-leasing in March 2024.
“We’re excited to partner with Griffin Capital to bring more quality housing choices to the market, particularly when housing options for the metro’s growing population are in such short supply and the feasibility for new development is limited,” said Will Gordon, a principal at GW Real Estate Partners. “The Arrowood Charlottesville will offer residents best-in-class living in a convenient location to Charlottesville-area employers and amenities.”
“The Arrowhead Charlottesville represents our 23rd Qualified Opportunity Zone property to commence construction and our first in Charlottesville, Virginia,” commented Eric Kaplan, President of Griffin Capital. “The area’s robust job growth, particularly in the medical and research fields, has led to a strong need for additional housing, and we are pleased to help address this need through our partnership with GWRE Partners. The property will feature attractive unit designs and amenities while offering future residents easy access to the major employment nodes of Downtown Charlottesville and the University of Virginia as well as a host of nearby retail, dining, entertainment and recreational destinations.”
Located at 463 Rio Road West in Charlottesville, just off Route 29, the community will consist of studios to three-bedroom residences totaling 250 units. Each unit will feature keyless entry, quartz countertops, stainless steel appliances, wood-style flooring, tile surrounds in tubs and showers, smart home thermostats, in-home washers and dryers, and a private patio or balcony. The pet-friendly community will also include a fully amenitized clubhouse with a fitness center, dedicated coworking space, resort-style pool, and grill/lounge area. There will be surface parking for 375 cars including 10 electronic vehicle (EV) charging stations.
The Arrowood Charlottesville will be located just 2 miles from The Shops at Stonefield, one of the premier retail destinations in Charlottesville, and less than a 10-minute drive from Downtown Charlottesville, University of Virginia, North Fold Research Park, the National Ground Intelligence Center and the Charlottesville-Albemarle Airport.
The design and construction team for The Arrowood Charlottesville includes contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, M/E/P engineer GTP Consulting Engineers, and landscape design by LandDesign.
