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MOORESVILLE

mooresville project

30/06/2022

Sila Capital has begun the development of the Mooresville Project in Mooresville, Iredell County, North Carolina. The project is located at the intersection of E Waterlynn and Charlotte Hwy and is less than a mile from I-77, a major interstate highway.​

Currently in the design stage with construction scheduled to commence in 2022. ​

With an overall development budget of $33 million, the property will be delivered in 2023. It will have 180 units. ​

The project value upon stabilization is estimated to be $71.7 million.​

The subject property includes a mixture of one, two, and three-bedroom units. None of the units are subject to rent or tenant income restrictions. In fact, the target market for the project is the upper end of the housing rental market. Therefore, the property is designed with a full array of amenities and features that appeal to this segment of the market. Each of the property’s units includes a full complement of kitchen appliances (range/oven with hood, microwave, full-size refrigerator, and dishwasher), as well as washer/dryer appliances.