GTIS innovates on the Charlotte OZ project

GTIS Partners has announced it is forming a joint venture with real estate development firm Wood Partners on a $ 72 million multi-family project in Charlotte, North Carolina. The Alta West Morehead development will be a five-story building with 308 Class A multi-family units and over 400 parking spaces.

The Alta West Morehead development is located in Charlotte’s FreeMoreWest neighborhood, a short walk from the local NFL Stadium. Charlotte has seen an increase in investment and population growth in recent years; it was the 22nd fastest growing city in the United States in 2020 according to US News and World Reports. It is also home to the headquarters of Bank of America, Honeywell International, Family Dollar and Duke Energy.

Charlotte is home to 17 Opportunity Zones with a total population of approximately 58,000.

“This investment is in line with our strategy of pursuing secular growth themes with the best operational partners,” said Amit Rind, CEO of GTIS. “Charlotte is a vibrant market that has seen phenomenal population and employment growth, and as FreeMoreWest has benefited from that growth, there has been a shortage of rental housing development.”

This is the seventh investment made by the GTIS Qualified Opportunity Zone Fund and the 14th GTIS agreement located in an Opportunity Zone. GTIS is also planning to develop a plot of nearly 300 acres in a suburb of Charlotte.


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Margie D. Carlisle