Middleburg Communities buys land near Steele Creek for 272-unit apartment complex

October 08, 2021, Author: By Collin Huguley Charlotte Business Journal

The Virginia-based real estate firm paid $5 million this month to acquire 31.5 acres between Erwin Road and South Tryon Street, Mecklenburg County real estate records show. The complex is expected to be complete in 2023.

Middleburg Communities acquired 31.5 acres between Erwin Road and South Tryon Street near Steele Creek for $5 million, Mecklenburg County real estate records show. The deeds for the purchases were recorded on Sept. 27. The land will be home to Mosby Steele Creek, Middleburg’s new 272-unit apartment complex.

A representative for Middleburg said construction will begin within two weeks and completion is targeted for the second quarter of 2023.

“Charlotte is one of Middleburg’s most preferred markets due to its population and job growth,” said TJ Sedeski, Middleburg’s assistant vice president of investments. “We are particularly excited about Mosby Steele Creek because of the demonstrated viability and success of Class A multifamily in the submarket. There is a high level of demand from investors, lenders and consumers alike.”

The apartments will be split between 10 two-story buildings and include one-, two- and three-bedroom units.

Middleburg also developed Mosby University City, a 309-unit apartment complex in Charlotte that opened last year, with Miami-based Mattoni Group. Middleburg sold the complex to an entity affiliated with Stonecutter Capital Management earlier this month for $78.8 million, county real estate records show. The complex appears to have been rebranded as Metro University City, according to its website.

Middleburg operates in the Southeast and Mid-Atlantic regions.