Savoy Apartments

Summary

Savoy Apartments is a 302-unit luxury multifamily development with 11,000 SF of retail space located within the inner loop of Uptown Charlotte. The building was substantially complete and welcomed its first residents in January 2019. Savoy has achieved stabilized occupancy of the residential units and the retail space is fully leased.

Savoy is constructed to Class A standards. The property’s midrise format and a full complement of amenities differentiate it from larger mixed-use and high-rise competition in the submarket. The property has immediate access to the amenities and major employers of the Charlotte CBD and adjacent affluent suburbs.

Creek Lane was the 90% limited partner for the developer, Proffitt Dixon. In 2021, Creek Lane acquired the majority of Proffitt Dixon’s interest in the investment.

investment rationale

Charlotte is one of the fastest-growing cities in the country. The city is attracting major corporate relocations and expansions, as well as a highly educated and diverse workforce with business-friendly policies and a cost of living 9% below the national average.

The Uptown submarket is uniquely situated near Charlotte’s CBD with easy access to the Dilworth and South End neighborhoods. Atrium Health and Wake Forest will be opening a new medical school and campus in 2025 and will expand the existing hospital facility by 2027, which will further support job and wage growth in the immediate vicinity.

Proffitt Dixon is Charlotte-based and has developed over 11,000 multifamily units there since 2008.