An Atlanta-based asset management firm is bringing built-to-rent homes to Charlotte.
NewStar is collaborating with local builder Red Cedar Homes on a 159-unit development of two-story duplexes and triplexes called Long Farm, the Charlotte Business Journal reported. NewStar bought 23 acres for the development on Harrisburg Road in east Charlotte, the firm told the outlet; the price couldn’t be determined.
Ameris Bank provided the construction loan. Patterson Real Estate Advisory Group arranged the financing, which included joint-venture equity. The amount wasn’t disclosed, but NewStar CEO Boone DuPree said the firm would deliver the homes “at a significant discount to the cost of new construction homes for sale in the area, which currently run well north of $500,000.”
Site work is expected to begin next month and wrap up in the first half of 2026; the address wasn’t reported.
The development will include three-bedroom floorplans averaging 1,650 square feet, with attached garages. Community amenities will include a fitness center, pool and dog park.
NewStar also purchased 39 acres for $2.6 million ($66,700 per acre), near Mountain Island Lake in northwest Charlotte a year ago. The firm is planning 126 townhomes there, also in partnership with Red Cedar.
Charlotte’s built-to-rent pipeline is among the busiest in the country, and projects under construction by October will nearly double its inventory, according to CBRE. The market also has some of the biggest rent growth for BTR; average rents have increased 13 percent compared to the pre-pandemic market.
Read more
Development
Charlotte
M/I Homes buys 220 acres in hot residential market
Residential
Charlotte
Charlotte greenlights Levine’s Plaza Midwood apartment project
Development
Charlotte
Crescent mixed-use project gets $126 million price tag
The metro’s multifamily development pipeline is also growing. Developments underway include Space Craft’s eight-story project in the Mill District. The firm, which has offices in Charlotte, New York and San Francisco, landed $94 million in financing for the project, which it is building in partnership with Swinerton subsidiary Lindgren Development.
Meanwhile, California-based Fairfield Residential has 307 units underway at 2300 North Tryon in the Lockwood neighborhood north of Uptown.
—Rachel Stone