Qatar-based investment firm QInvest has acquired a plot in Charlotte, North Carolina in partnership with a Gulf-based investor.
The land is being developed into a 200-unit apartment complex with completion expected in August next year.
“Since 2006, there has been a marked decline in home ownership in the US and cyclical and structural trends have led to an ever-growing demand for multifamily space,” said Craig Cowie, head of real estate at Qinvest. Multifamily developments, such as apartment blocks, combine separate housing units within one complex.
“In the last five years, the number of individuals renting property has increased by 5 million while the number of homeowners has fallen by 900,000,” he added. “The long-term growth prospects for the multifamily sector are therefore very promising, and we expect the market will remain undersupplied as a growing domestic population continues to fuel demand.”
Bainbridge Companies is developing the project.
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