Source: Crescent Communities
CHARLOTTE, NC - Crescent Communities and Pretium celebrated the groundbreakings of HARMON Ballantyne and HARMON Five Points, two build-to-rent (BTR) communities under construction in Charlotte as part of the companies' joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets.
"We're thrilled to celebrate the entry of the HARMON brand in Charlotte by officially breaking ground on HARMON Ballantyne and HARMON Five Points," said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. "HARMON Ballantyne and HARMON Five Points bring infill housing options to Charlotte providing its residents the opportunity to lease brand new homes in highly sought-after neighborhoods without the long-term commitment and high upfront cost of homeownership. We look forward to seeing the progress on these communities and are excited to share construction updates in the coming months."
"Pretium is committed to being a leading part of the solution to address the nationwide housing shortage, and our build-to-rent partnership with Crescent to develop and operate rental communities across the country is part of those efforts," said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. "The HARMON Ballantyne and HARMON Five Points communities demonstrate our dedication to providing affordable, modern housing in the rapidly growing communities where it is needed most. We look forward to continuing to ensure our residents have access to high-quality single-family homes."
Both communities will offer townhomes ranging from 3 to 4 bedrooms each with private garages, driveways, and balconies. Located at 15825 Marvin Road, 13 miles south of Charlotte's central business district, HARMON Ballantyne will bring 60 residences to the Ballantyne area, which has experienced noticeable growth in recent years and offers access to a broad range of amenities, including shopping, dining, schools, and recreation opportunities. HARMON Five Points will offer 76 residences located at 360 Seldon Drive in the West End neighborhood. The community will have a direct trail to the playground at Five Points Park and is in proximity to the Irwin Creek Greenway and Gold Line Streetcar for easy access to Uptown. HARMON Five Points is expected to offer pre-leasing winter of 2022 and HARMON Ballantyne in fall of 2023.
The groundbreakings add to Crescent Communities' continued commitment to expanding its footprint in Charlotte. The company has also announced the development of multifamily communities NOVEL Mallard Creek and NOVEL University Place, both of which are currently under construction, the groundbreaking of NOVEL Ballantyne, and the sale of NOVEL LoSo Station to MAA.