The New Community Will Feature Multifamily and Build-for-Rent
CHARLOTTESVILLE, Va., March 26, 2025 /PRNewswire/ -- Greystar, a global leader in the investment, development, and management of residential real estate, is pleased to announce the start of construction on Old Ivy Residences, a hybrid multifamily and build-for-rent community in Albemarle County, Virginia.
"Greystar is excited to make our entry into the fast-growing Charlottesville market by providing a unique mix of rental housing for the broader community," John Clarkson, Senior Managing Director. "We believe our project will provide an important variety of homes for young professionals, students, faculty and families who support the Charlottesville way of life."
Old Ivy Residences' multifamily component will have 336 garden-style apartments with one-, two- and three-bedroom floorplans. The build for rent component will be a mix of 189 three-bedroom detached homes and townhomes. The community will reserve 15 percent of its residences for households earning up to 80 percent of area median income.
The property will boast more than eight acres of curated greenspace along with a trail, playgrounds, sports courts, dog parks, a putting green and two pools. The amenities within the two standalone clubhouses will include coworking space, a library, golf simulator, two fitness centers and a food and sundries market.
Old Ivy Residences is located at the intersection of US 29 and Old Ivy Road in very close proximity to the University of Viriginia's North Grounds that is home to the Darden School of Business and the UVA School of Law, both of which are consistently ranked as top schools in their respective fields of study. Additionally, residents will be close to the University's sporting and entertainment venues and nearby to downtown Charlottesville's local dining and shopping options.
Construction began in September with the first units slated to deliver in the second quarter of 2026.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates nearly $315 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including approximately $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit our website.
SOURCE Greystar
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