#United States #Greystar #Charlottesville #Old Ivy

Greystar Unveils Old Ivy Residences

Introduction

In a major development for the Charlottesville housing market, Greystar, a prominent name in residential real estate investment and management, has officially announced the beginning of construction on the Old Ivy Residences. Located in Albemarle County, Virginia, this new community is set to combine multifamily living with build-for-rent options, offering unique housing solutions for a diverse range of residents.

Project Overview

Greystar's entry into the thriving Charlottesville market marks an exciting opportunity to meet the housing demands of various community members. John Clarkson, the Senior Managing Director at Greystar, expressed enthusiasm about introducing a project that promises a dynamic mix of rental options tailored for young professionals, students, faculty, and families associated with the vibrant Charlottesville lifestyle.

Old Ivy Residences will feature:

• - 336 Garden-Style Apartments: These come in one-, two-, and three-bedroom formats, designed to cater to the needs of diverse renters.
• - 189 Detached Homes and Townhomes: The build-for-rent segment will consist of spacious three-bedroom homes, offering families a sense of community and ownership without the burdens of traditional homebuying.

Additionally, 15% of the residences are reserved for families earning up to 80% of the area’s median income, emphasizing Greystar's commitment to affordability and accessibility.

Community Features

Spanning over eight acres, Old Ivy Residences is designed with outdoor enjoyment and communal activities in mind. The community will include:

• - Expansive greenspaces ideal for relaxation and recreation
• - A winding trail for leisurely walks or jogs
• - Playgrounds for children to enjoy
• - Sports courts for various athletic activities
• - Dog parks for pet owners
• - A putting green for golf enthusiasts
• - Two inviting swimming pools for residents to unwind during the warmer months

Clubhouse Amenities

The two standalone clubhouses will serve as social hubs, featuring a multitude of amenities:

• - Coworking Spaces: Designed for remote workers and entrepreneurs looking for a productive environment.
• - Library: A quiet space for relaxation or study.
• - Golf Simulator: A state-of-the-art facility for both novice and seasoned golfers.
• - Fitness Centers: Two fully equipped gyms to accommodate various fitness routines.
• - Food and Sundries Market: A convenient option for quick shopping without leaving the community.

Prime Location

Old Ivy Residences lies strategically at the intersection of US 29 and Old Ivy Road, making it highly accessible. Moreover, its proximity to the University of Virginia enhances its appeal, particularly to students and university staff. The renowned Darden School of Business and the UVA School of Law are both within easy reach, having consistently ranked among the top institutions in the country. Residents will also benefit from being close to the university's sporting events and downtown Charlottesville, making local dining and nightlife options readily available.

Construction Timeline

Construction of Old Ivy Residences began in September, with the aim for the first units to be completed by the second quarter of 2026. This timeline emphasizes Greystar's commitment to delivering quality housing promptly to meet the pressing demands of the local market.

About Greystar

Founded in 1993 by Bob Faith, Greystar has grown into a leading global real estate company, specializing in property management, investment management, development, and construction within the rental housing sector. Headquartered in Charleston, South Carolina, Greystar operates assets worth nearly $315 billion across more than 250 markets worldwide. With over 1 million units under management, Greystar is the largest operator of apartments in the United States, underscoring its established reputation in the industry.

Through initiatives like Old Ivy Residences, Greystar continues to solidify its commitment to enhancing communities while providing high-quality housing solutions.