Greystar has officially kicked off construction on Old Ivy, a new rental community in Charlottesville, Virginia, set to offer both apartments and build-to-rent homes. The project marks Greystar’s entry into the Charlottesville multifamily market, with the first units expected to be available in the second quarter of 2026.

The development will include 336 garden-style apartment units, offering one-, two-, and three-bedroom layouts. Additionally, the build-to-rent component will feature 189 three-bedroom detached homes and townhomes, with 15% of the residences reserved for households earning less than 80% of the Area Median Income.

In total, more than eight acres of greenspace will be included, with amenities such as a trail, playgrounds, sports courts, dog parks, a putting green, and two pools. Indoor amenities will feature coworking spaces, a library, a golf simulator, two fitness centers, and a food market.

Located at the intersection of U.S. 29 and Old Ivy Road, Old Ivy Residences will be just a short distance from the University of Virginia’s North Grounds, home to the UVA School of Law and Darden School of Business. The development is also close to downtown Charlottesville, providing residents with easy access to dining, shopping, and entertainment.

Greystar, based in Charleston, S.C., is the largest operator of apartments in the United States, managing and operating nearly $315 billion in real estate across about 250 markets globally. The company is also heavily involved in the build-for-rent sector, with communities developed under its Summerwell brand. Greystar recently delivered another build-to-rent project, Summerwell Parkway Village, in Union City, Georgia.

As Greystar continues to expand its presence in the multifamily and build-to-rent sectors, the Old Ivy Residences project highlights the company’s commitment to meeting the growing demand for quality rental housing in Virginia and beyond.

Originally reported by Dees Srribling in Multi Housing News.