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Kairoi spending $500M on Charlotte apartments

Kairoi Committing $500M to Charlotte Projects

Kairoi Residential is expecting to invest $500 million on projects in Charlotte. So far, the company has a handful of properties in various stages of planning.

Its first, which is under construction now, is 5Line, a community in the lower South End that will have 434 apartment units and 82 townhomes. Kairoi acquired the property in November 2020 for $12.6 million. The Charlotte Business Journal reports the company’s second project is a five-story, 450-unit apartment community at 650 State St.

Additionally, Kairoi is in the planning phases for projects in Matthews and University City, as well as one along Clanton Road. The developer bought 505 and 515 Clanton, a Super 8 Motel and the McLeod Addictive Disease Center, respectively, for $15 million in June 2022.

On its website, Kairoi touts that since 2003, the partnership has transacted $9.7 billion across 65,000 multifamily units in many cities and states around the country.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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