Taft Family Ventures opened Adler Montford Park + Drexel Townes, a 249-unit multifamily and build-to-rent townhome community at 1351 E. Woodlawn Road. The Charlotte Business Journal reports the $65 million development has studio, one-, two- and three-bedroom units as well as eight three-bedroom townhomes. Rental rates for studios start at $1,634 per month; one-bedrooms, $1,888 per month; two-bedrooms, $2,900 per month; and three-bedrooms, $5,669 per month. Townhome rental rates were not available.
Taft Construction Group was the project’s general contractor; Raleigh-based Cline Design Associates was the project architect; and Charlotte-based LandDesign was the civil engineer.
Taft Family Ventures acquired the 2.9-acre site in May 2019 for $8 million. The property included the former Melrose Place apartments and four single-family residential lots on Drexel Place. The commercial real estate firm broke ground on the project in spring 2023.
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