ELLO HOUSE - FINALIST: TOP APARTMENT OR CONDO DEVELOPMENT

Proffitt Dixon Partners’ $100 million multifamily development Ello House was created to appeal to tenants looking for quiet luxury. The 343-unit property at 3615 Tryclan Drive in lower South End delivered in late January, showcasing a modern, eco-friendly design meant to enhance the LoSo neighborhood. 

Ello House has a state-of-the-art fitness center, clubhouse with lounge areas, rooftop terrace, pet spa and an expansive, backyard-style pet run. Local artists were contracted to install murals and a public-led art exhibit along Tryclan Drive to foster creativity and bring uniqueness to the property. Ello House is situated near walkable dining, retail and entertainment like Red Clay Ciderworks, Easy Like Sunday and State of Confusion.

The community was built to National Association of Home Builders Green Building specifications with an emphasis on sustainability, energy efficiency, water conservation, resource conservation and enhanced indoor air quality. The project’s general contractor reused existing construction material as a sustainable building measure, which helped earn Ello House an NAHB Silver Certification.

— Elise Franco

KEY PLAYERS

• Owner/Developer: Proffitt Dixon Partners

• Architect: Axiom Architecture

• Design/Build Contractor: Samet Corp.

• Financial Partner: Wells Fargo & Co.

• Engineer: Orsborn Engineering Group

• Lawyer: Alexander Ricks

BY THE NUMBERS

• $100 million investment

• 343 apartment units

• 1 building

Ello House - Charlotte Business Journal (bizjournals.com)

Nashville's real estate scene is 'dizzying,' according to this Charlotte-based developer

When this Charlotte-based developer entered the Nashville market in 2012, many of the largest developers from its hometown were already here.

Flash forward 12 years, the competition has only grown as Proffitt Dixon Partners breaks ground on its third Nashville apartment project today.

“I love the Nashville market. The real estate side of it, it’s dizzying,” Stuart Proffitt, one of the company’s founding partners, told the Business Journal. “There's just so much going on.”

The firm has commenced work on a 345-unit apartment development in Germantown dubbed Chamberlain House.

The development will rise near the Cumberland Riverfront and Nashville Sounds Stadium, at 912 Second Ave. N., and include a pool and outdoor spa, pet park and spa, a rooftop deck, courtyards with grills and access to the greenway.

Proffit Dixon Partners recently completed Queens Wedgewood-Houston, a 221-unit development with Mercado by Butchertown on the ground level, but the firm started its Nashville expansion over a decade ago with a Germantown project.

“[Germantown] is particularly charming because of its new and historic layers. When we first started, I remember a local person saying there were some great restaurants, but it was still a little edgy for him to go out at night there. But it was obvious that that wasn’t going to be the case for long,” Proffitt said. “I didn't feel like I was really going out on a limb.”

The firm completed Payton Stakes apartments in 2016 and sold it for $78 million last year.

After the success of the firm’s first Germantown project, Proffitt Dixon Partners began looking for another land site in the neighborhood.

An opportunity presented itself when Metro put a 2.78-acre site near the riverfront up for auction. Proffitt Dixon Partners presented the winning bid, paying $32.525 million for the property in 2021, according to Metro records.

They had paid $4.5 million for its first Germantown project site in 2015.

“We closed and started drawing our architectural drawings, and then we got to a place where we thought we could start do the last push on the permitting. But it didn't feel like good timing,” Proffitt said. “We wanted to wait and see the broader economy with the interest rates spiking and then supply being so high. The hope was we’ll see construction prices improve some as the supply kind of tapers off. Now, we feel much more bullish.”

The project’s groundbreaking comes just a week after the Fed’s announcement of interest-rate cuts which is widely expected to unlock liquidity in commercial real estate financing and open the floodgates for new development.

Though competition is still high in the local real estate scene and Nashville has seen a surplus of multifamily deliveries, the Charlotte firm remains with its pedal to the medal in Music City.

By Sophia Young – Reporter, Nashville Business Journal

Charlotte-based developer breaks ground on Germantown apartments - Nashville Business Journal (bizjournals.com)

Charlotte's largest commercial real estate developers [1-year activity]

Charlotte's largest commercial real estate developers [1-year activity]

Ranked by Local square feet developed, 2022

This is a list of the Charlotte-area's largest commercial real estate developers, ranked by square feet developed in the Charlotte region in 2022. Amount of square feet developed refers to projects completed by Dec. 31, 2022.

Charlotte's largest commercial real estate developers [1-year activity] - Charlotte Business Journal (bizjournals.com)

Matthews apartments developed by Proffitt Dixon Partners sell for over $120M

Charlotte developer Proffitt Dixon Partners is leading a mixed-use project in Matthews and appears to have fetched a large sum for one element of it.

Mecklenburg County real estate records show an entity named USCMF Briley LP acquired recently completed apartments at Briley, Proffitt Dixon's mixed-use project, for $120.75 million. The sale closed in mid-October. The first phase of Briley began to deliver earlier this year. Briley is just off Matthews-Mint Hill Road, near its intersection with East Independence Boulevard.

Upon full buildout, Briley is expected to include 570 total residential units, including market-rate and senior apartments, and 150,000 square feet of commercial space, the Charlotte Business Journal previously reported. It is unclear how many apartments were included in the October sale.

Multiple attempts to reach Proffitt Dixon for more information on the sale and future phases of Briley were unsuccessful before deadline.

The buyer of the apartments is affiliated with the U.S. Cities Multifamily Fund, which is under the control of Nuveen Real Estate. Nuveen is a subsidiary of TIAA. The seller of the Briley apartments was Matthews Apartment Owner LP, which documents show is affiliated with Proffitt Dixon.

The Briley development is not Proffitt Dixon's only multifamily activity in Matthews. The developer also delivered Fountain Matthews, a 258-unit project, in the last year. In September, Proffitt Dixon secured the rezoning for a mixed-use project in Cornelius called Caroline.

Matthews apartments developed by Proffitt Dixon sell for over $120M - Charlotte Business Journal (bizjournals.com)

Proffitt Dixon Partners teeing up next two apartment projects in Lower South End, on Providence Road

Charlotte apartment developer Proffitt Dixon Partners will soon begin construction on two new developments in town.

The developer recently submitted filings with the city of Charlotte for a 3.4-acre site at 3615 Tryclan Drive, at the corner of Tryclan Drive and Dewitt Lane, to build apartments. Stuart Proffitt, managing principal at Proffitt Dixon Partners, said last week the developer plans to break ground on a 343-unit project there this summer.

Proffitt said the firm is excited to anchor the southern end of LoSo Village, a project that's been spearheaded by Charlotte-based Beacon Partners. Recently, an entity affiliated with Gilde, a German brewer, acquired a building from Beacon at 3530 Dewitt Lane. That site is across Tryclan from Proffitt Dixon's planned development.

Also nearby is Beacon's LoSo Station project, which the firm is marketing for office and hotel development. The site includes market-rate apartments by Crescent Communities and planned affordable housing by DreamKey Partners.

Proffitt Dixon is also moving ahead on its first senior-living project, on the west side of Providence Road and north of Lynbridge Road, in the coming weeks, said Wyatt Dixon, managing principal at Proffitt Dixon. The project will include 200 units that will be restricted for residents age 55 and older. The firm paid $11.2 million for the property in early 2020.

Proffitt Dixon is planning additional senior-living development in other parts of Charlotte, including in future phases of Briley, its mixed-use project in Matthews, and the proposed Caroline development in Cornelius.

The developer declined to provide additional details about the upcoming projects, including estimated construction value and renderings.

Proffitt Dixon has remained active in Charlotte through the Covid-19 pandemic, having mostly recently delivered the first phase of Briley, which is currently about 40% leased. It sold its Beverly apartment project, which includes 201 apartments in the Ballantyne area, in late 2020 for $53 million to private equity firm Velocis.

In the works is a second phase of Briley, the Cornelius development and another mixed-use project in Optimist Park, which Dixon said last year could include apartments and 70,000 square feet of commercial space.

Dixon said last week having the 25th Street bridge complete, underway now, is vital for the Optimist Park project, but the developer plans to move forward soon with plans for that site. Proffitt Dixon owns about 4.5 acres there.

Charlotte developer Proffitt Dixon Partners plans apartments near Lynx Blue Line, on Providence Road - Charlotte Business Journal (bizjournals.com)

Mixed-use project planned for WeHo Nashville

Published April 17, 2020 by William Williams

A Charlotte-based company that undertook its first local project in Germantown is eyeing a mixed-use development for Wedgewood-Houston as its second.

Proffitt Dixon Partners is targeting a first-quarter 2021 groundbreaking for the project, which will have 220 residences and some retail space in three buildings. Tentatively called Hagan & Hamilton, the development’s restaurant space would be located in a building facing both Hamilton Avenue and Hagan Street (and offering residential), while two residential-only buildings would address both Hagan and Moore Avenue. The main address is 625 Hamilton Ave.

Hagan & Hamilton would offer nine live-work units, with five in one of the residential-only buildings and four in the other such structure. Amenities would include a swimming pool, a club room, various patios and private outdoor space, and fitness center, among others.

Proffitt Dixon has the property under contract with a limited partnership that also owns the business on the site (Queen’s Tree Surgery, which will relocate) and hopes to close on the purchase in early January.

“We believe Wedgewood-Houston is one of Nashville’s great walkable neighborhoods,” Stuart Proffitt, company co-founding partner, told the Post.

Proffitt Dixon has enlisted Civil Site Design Group (engineering and land planning), EOA Architects and Hawkins Partners (landscape architects). Each is locally based.

The team will go before the Metro Planning Commission on Thursday, May 28, to seek a specific plan rezoning.

No detailed image has been finalized and the company is not disclosing the roughly estimated cost to undertake the project, Proffitt said.

The planned project has evolved since early 2019. At that time, Proffitt Dixon began discussions with Wedgewood-Houston-based Manuel Zeitlin Architects. Months into the process, the Metro Planning Department undertook a neighborhood study. Late last October, the Metro Planning Commission approved the Wedgewood-Houston and Chestnut Hill Planning Study. 

“Manuel Zeitlin Architects and EOA Architects teamed up with us to craft a wonderful project that conforms to the vision outlined in the … study,” Proffitt said. “Wedgewood-Houston has long been a well-organized neighborhood with SNAP (South Nashville Action People) and CONVERGE (an arts organization) neighborhood groups that created a forum for neighborhood input into the plan.”

Of note, Proffitt Dixon developed the Germantown site home to apartment building Peyton Stakes, which it still owns via an LLC.

https://www.nashvillepost.com/business/development/article/21128945/mixeduse-project-planned-for-weho

Providence Road site sells to local developer for senior-housing project

A group of eight owners sold a 20.5-acre property on Providence Road, which will soon be redeveloped for senior housing.

Charlotte-based Proffitt Dixon Partners recently acquired the property, on the west side of Providence and north of Lynbridge Road, for nearly $11.2 million. The land today includes some single-family homes but, with a rezoning petition by Proffitt Dixon approved by Charlotte City Council last month, the property can now be developed with higher-density housing.

Wyatt Dixon, managing principal at Proffitt Dixon Partners, said Wednesday the site will be developed with the firm's first active-adult community. Proffitt Dixon is best known for developing market-rate, non-age-restricted apartment projects, such as Savoy in uptown, which it finished last year.

Dixon said the firm several years ago identified an "opportunity" in the active-adult sector, housing that's reserved for those aged 55 and older but is not a traditional retirement community. The Providence Road site and another property in Matthews will be the company's first age-restricted housing developments.

In fact, many in real estate are seeking to enter the senior-housing industry because of dramatic population trends that will impact not only Charlotte but cities across the U.S. With the large boomer population now entering — or already in — retirement, it's expected that the number of seniors will soon outnumber most every other age group.

The rezoning for the Providence Road property was extensive, and Dixon said the company met with neighbors more than two dozen times to address issues that came up during the process. The plan approved by City Council last month allows up to 200 active-adult housing units and, separately, up to 41 townhouses or stacked flats.

Dixon said the site will be developed in phases, with the first age-restricted housing phase starting by mid-summer. Timing of any future phases, including the potential for townhouses or additional active-adult retirement homes, is still being worked out.

"It’s certainly a rare and unique development opportunity in an established neighborhood, along a well-traveled corridor — so, to say the least, we feel a tremendous amount of pressure to get it right," Dixon said.

John Vickers, Adam Travers and Dorsey Allison with KW Commercial represented the sellers in the transaction.

Two apartment properties trade hands on uptown's booming Stonewall Street

Two apartment communities along the seemingly endless boom of Stonewall Street in uptown are under new ownership after recent deals have closed.

Novel Stonewall Station and Presley Uptown sold for $171 million and $55.3 million, respectively, according to Mecklenburg County real estate records. Charlotte-based LMC acquired the 459-unit Novel Stonewall Station, at Stonewall and Caldwell streets. JLL Income Property Trust and Penler, a relatively new multifamily investment and development group based in Atlanta, purchased Presley Uptown, which includes 230 apartments at McDowell and Stonewall streets.

Presley Uptown was developed and sold by local developer Proffitt Dixon Partners, which began delivering units at Presley a few years ago — the first of two Stonewall corridor projects for the developer.

Penler said it planned to refresh some common areas of the property in the coming year, with future updates to include smart-home technology throughout the property. Penler and JLL paid about $240,000 per unit at Presley.

Graham Carpenter, managing partner at Penler, said in a statement that the Presley acquisition is a prime example of the firm's strategy to acquire "well-located, infill projects in high-growth Southeastern markets at an attractive cost basis."

Allan Swaringen, president and CEO of JLL Income Property Trust, said in a statement that the Presley acquisition brings the company's apartment allocation to more than $950 million and 3,600-plus units.

Both of the properties sold last week were developed as a result of surplus land after the $21 million reconstruction of Interstate 277 and the South Caldwell Street interchange. The city sold the excess parcels to several real estate developers that ultimately built hundreds of apartments, for-rent townhouses and retail space, including uptown's first full-service grocery store. Crescent acquired its piece for more than $10 million while Proffitt Dixon Partners paid $3.8 million for the land where Presley Uptown is today.

Ellison on Broad multifamily project set for 2017 completion

Construction continues on the new luxury apartment complex at Church and Broad streets in Greenville, with the first units slated to be available this winter.

The multifamily development was formerly called Fountains Greenville, but that was just a working name for the project, said Stuart Proffitt, managing principal with Proffitt Dixon Partners, a Charlotte-based multifamily investment and development firm. The new name is Ellison on Broad, in honor of a pioneer of Greenville’s textile industry.

The five-story complex is one large building and will consist of 201 units with 147 one-bedroom and 54 two-bedroom units. The community will feature a resort-style saltwater pool, private courtyards, outdoor grills and TV, kayak storage, commercial-quality fitness center, upscale club areas and a rooftop deck. It will also have convenient access to the GHS Swamp Rabbit Trail.

“We have upgraded our already luxury features of the units to include even more comforts, such as roll shades on the windows, apron-front stainless steel sinks and custom closet shelving with chrome poles,” said Proffitt.

Community events, activities and programming will be a real draw and is what will set the project apart from others downtown, he said. “Also, the walkability to so many jobs and to Main Street will be a big selling point.”

Rental rates have not yet been determined but “will be consistent with other new projects walkable to Main Street retail, restaurants and office buildings,” said Proffitt. Units will be ready for move-in in the fourth quarter of this year, and construction is expected to be complete by the first quarter of 2017.

For more information, visit facebook.com/Ellison-on-Broad.

http://upstatebusinessjournal.com/news/ellison-on-broad-multifamily-project-set-for-2017-completion/

Greenville; Multifamily Development is Firm's First in S.C.

May 20, 2015: GREENVILLE, SC - Proffitt Dixon Partners is preparing to build its first luxury apartment community in Greenville, S.C. The Charlotte-based firm plans to break ground this month on a 201-unit luxury multifamily development at 210 East Broad Street. 

The five-story community will be built on 2.45 acres at the intersection of S. Church St. and East Broad Street. The location is a five-minute walk from Main Street in Greenville’s the Central Business District, which has the largest concentration of employment in the state.

“Greenville is the economic engine of South Carolina,” said Managing Principal Wyatt Dixon. “This is a great opportunity to bring the luxury apartment lifestyle to one of the country’s fastest-growing cities.”

“The area has exactly what we look for, which is a walkable area near jobs, restaurants, entertainment and greenspaces,” added Managing Principal Stuart Proffitt. “As with our other communities, we will follow green building practices, and choose energy-saving appliances and features.”

Fountains Greenville is close to Falls Park on the Reedy, Centre Stage Theater, Peace Center for the Performing Arts, the county Art Museum and private art galleries. It also has convenient access to the Swamp Rabbit Trail, a pedestrian and bike path. The community will have the type of clubhouse, courtyards, pool and fitness facility that residents of a luxurious new property would expect. A Publix grocery store is just one block away.

The developers will follow guidelines established by the National Association of Home Builder’s (NAHB) Green Building Program. The Housing Studio is the architect, and the general contractor is Creative Builders Group. 

The new development indicates significant momentum for Proffitt Dixon. The firm now has 938 units under construction in the Carolinas and Tennessee. Just last month it started construction on Fountains Germantown, a 249-unit luxury apartment community in Nashville, Tenn.  

http://www.multifamilybiz.com/PressReleases/3157/Proffitt_Dixon_Plans_Luxury_Apartments_in_Greenvil...