Greystar has announced the start of construction on Old Ivy Residences, a hybrid multifamily and build-for-rent community in Albemarle County, Virginia.
The multifamily component of the development 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% of its residences for households earning up to 80% of area median income.
The property will include 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.
The first units are slated to be ready in the second quarter of 2026.
“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,” said John Clarkson, Greystar 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.”
