Did You Know There Are 4 Significant Build-To-Rent Development Projects Being Constructed Right Now In Charlottesville And Albemarle County?

Did you know there are four significant build-to-rent development projects being constructed right now within three miles of each other in Charlottesville and Albemarle County?

In total, 1,437 luxury units will be delivered to market within nine months of each other across 2026 – 2027.

Here is the Tale Of The Tape:

Development Name: Old Ivy Residences
Developer: Greystar Real Estate Partners
Developer Profile: International, Out-of-Market
Location: 250 Bypass and Old Ivy Road
Total Units: 525
Total Beds: Unknown at this time
Delivery Date: Summer, 2026 (first units delivered)
Product Type: Luxury
Picture: Top left pic

Development Name: Verve
Developer: Subtext
Developer Profile: National, Out-of-Market
Location: 100 Stadium Road (by Scott Stadium)
Total Units: 463
Total Beds: 1,332
Delivery Date: Spring/Summer, 2027 (completion)
Product Type: Luxury
Picture: Top right pic

Development Name: Blume
Developer: Up Campus Student Living
Developer Profile: National, Out-of-Market
Location: 2117 Ivy Road (next to Moe’s BBQ)
Total Units: 231
Total Beds: 641
Delivery Date: Spring/Summer, 2027 (completion)
Product Type: Luxury
Picture: Bottom left pic

Development Name: Fundraising for naming rights
Developer: University of Virginia
Developer Profile: Commonwealth of Virginia
Location: UVA Darden School of Business
Total Units: 218
Total Beds: 348
Delivery Date: Summer, 2027 (completion)
Product Type: Luxury
Picture: Bottom right pic

Some things to consider with these projects:

1. These are luxury developments that are positioned at the top of the rental market.

2. With 1,437 units coming on market within nine months of each other, is Charlottesville and Albemarle County at a multi-family saturation point?

3. The new UVA Biotechnology Institute and UVA Data Science Institute are expected to increase the Charlottesville and Albemarle County populations by 5,000 – 8,000 incremental people. Will this influx of high-dollar earners initially gravitate to these luxury developments as they find their footing in the area before eventually purchasing homes?

4. If these four multi-family projects do not stabilize rental prices and housing prices, then that is further justification that the City of Charlottesville New Zoning Ordinance may be one of the most significant policy failures in City housing history.