A new apartment community is expected to open this summer in Lake Wylie.
Redwood Living will open Lakepointe Ridge on Charlotte Highway (S.C. 49), near the newly opened The Vault Self Storage facility not far from Buster Boyd Bridge. The property sits on the north side at Spurrier Court, just east of Montgomery Road.
The company has four South Carolina properties open or soon to open. The others are in Greenville, Greer and Simpsonville. Redwood operates in six states with the most communities in its home state of Ohio.
“We’re looking at summer,” said Luke Frazier, Redwood marketing director. “Probably that means the end of July for Lake Wylie.”
Redwood offers single-story apartments with two bedrooms and two baths, with one- or two-car attached garages. Lakepointe Ridge units will start at $1,450 per month. Lakepointe Ridge will include 146 units.
With it’s single-story concept, private garages and reduced density, Frazier said Redwood communities aren’t what people typically imagine when they hear apartments.
“When people think of apartments, they wouldn’t be thinking of Redwood,” he said. “We play more like single-family homes.”
Frazier is aware of the significant growth in Lake Wylie and says “understandably folks are careful” when it comes to welcoming new development. Because of the Redwood model, he sees it fitting in well with the area.
“We’re gradual,” Frazier said. “You can’t open a big multi-story building until all the units are done. But we can open after each building of six or eight units.”
Lake Wylie fits the type of growing community Redwood targets.
“You guys definitely have a population growth,” Frazier said. “We want to be in a community that’s very beautiful, accessible, connected to a metropolitan area that’s exciting.”
Interest in local apartments is growing. According to U.S. Census data, there were 4,037 residences and 8,841 people in Lake Wylie in 2010. Those numbers included 818 rental units paying an average of $855.
From 2010 to 2014, owner-occupied homes counted for more than 75 percent of the residences in Lake Wylie. Their were an estimated 886 rental units paying an average rent of $991. The estimated 3.7 percent vacancy rate in 2014 is less than one-third of the statewide rate. New apartment projects have been announced since.
Revere at Lake Wylie began renting in September, and has about 100 residents. That facility will have 444 units.
Villas at Marlin Bay has 240 units, and is at 98 percent occupancy. Just one unit is available there until early May, a company spokesperson said.
The Village at Lake Wylie has 392 apartments and is 92 percent occupied.
When Revere and Lakepointe Ridge are complete, total apartments in Lake Wylie will top 1,000 units.
Near the new apartment project sits The Vault, which opened March 31 for reservations. David Cole and Paul Ferrara are managing the facility with 486 storage units and 125 parking spaces. There’s room for 250 parking spaces through expansion.
“We’re moving right along,” Ferrara said.
As the number of apartments in Lake Wylie grows, so do storage unit facilities. Several have been in the area a while, and The Vault’s opening comes ahead of Morningstar Mini-Storage planned for Shoppes at the Landing. There’s no coincidence as storage units see potential with apartment projects.
“That’s true of a lot of the Lake Wylie area as well as The Palisades area, across the bridge on the North Carolina side and going down into Clover,” Ferrara said.
He sees an uptick in apartments and storage units, but one that matches other business growth in the area.
“It’s just a growing, prosperous area,” Ferrara said.
John Marks: 803-831-8166