The New Community Will Feature Multifamily and Build-for-Rent
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.
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