GW Real Estate Partners (GWRE), along with joint-venture partner Griffin Capital, has announced the financing and construction of The Arrowood Charlottesville, a new Class A 250-unit apartment community in the Rio Road neighborhood of Charlottesville, Virginia.
"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,” says Will Gordon, a principal at GWRE Partners. “The Arrowood Charlottesville will offer residents best-in-class living in a convenient location to Charlottesville-area employers and amenities.”
With studio to three-bedroom residences, interiors will feature keyless entry, quartz countertops, stainless steel appliances, wood-style flooring, tile surrounds in tubs and showers, smart-home thermostats, in-unit washers and dryers, and a private patio or balcony. The pet-friendly community will have a clubhouse with fitness center, dedicated co-working space, a resort-style pool, and a grill/lounge area. There will be surface parking for 375 cars, including 10 electronic vehicle charging stations.
Just off U.S. Route 29, the community will be located 2 miles from The Shops at Stonefield and less than a 10-minute drive from downtown Charlottesville, the University of Virginia, North Fold Research Park, the National Ground Intelligence Center, and the Charlottesville Albemarle Airport.
Eric Kaplan, president of Griffin Capital adds, “The Arrowood Charlottesville represents our 23rd Qualified Opportunity Zone property to commence construction and our first in Charlottesville. 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.”
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.
Fifth Third Bank provided construction financing for the project, which broke ground last month. The first buildings are slated for occupancy in mid-2025, with full community completion expected by March 2026.
The Arrowood Charlottesville is GWRE Partners’ third multifamily community development in Virginia, which includes the Ridge at North Pointe, a 279-unit community scheduled to deliver in the first half of this year and began preleasing in March 2024.
