CHARLOTTE, NC - Canyon Capital Realty Advisors LLC recently provided $12 million of preferred equity to NRP Group LLC (NRP) to develop Presidio, a 298-unit, Class-A, mid-rise apartment project in Charlotte, North Carolina.
Presidio is situated on a 2.4-acre site in the South End district of Charlotte, located at the intersection of South Church Street and West Morehead Street. This location benefits from being at the border of Uptown, within several blocks of key employment and entertainment drivers including Duke Energy’s headquarters and the Carolina Panthers football stadium.
“We believe in the long-term growth of Charlotte’s urban core and are pleased to have the opportunity to invest in this high quality multifamily project,” said Ronald C. Muzii, Jr., Senior Director at Canyon Realty. “The South End and Uptown districts of Charlotte have transformed over the last decade into a true live/work/play environment and we are excited to be a part of that growth.”
The Uptown/South End submarket of Charlotte is the fastest growing apartment market within Charlotte, driven by demand from young professionals seeking an urban living environment. The submarket has experienced a five percent increase in mid-rise apartment rents from the previous year and has only a five percent vacancy rate as of the fourth quarter of 2013.
“NRP is one of the top multifamily developers in the country and consistently delivers products to the highest standards of quality for its residents. Canyon looks to establish long-term partnerships with best-in-class developers and we are pleased that the Presidio transaction allows us to enter into our second partnership with NRP,” said Canyon Realty Director Robin Potts.
The project will commence construction in the first quarter of 2014 and begin unit deliveries in the last quarter of 2015. When complete, the property will have five stories of apartment homes atop a structured parking deck. The apartment homes will include a mix of layouts ranging from one- to three-bedroom units. The project amenities will feature a swimming pool, club lounge, fitness center, garden courtyard and landscaped outdoor areas. The unit interiors will have luxury finishes including 10-foot ceilings, granite and quartz countertops, high-quality appliances and full walk-out balconies with views of Uptown Charlotte.
“We value our long-standing relationship with Canyon Realty and their expertise in getting transactions across the finish line,” said Michael Moses, Chief Investment Officer of NRP. “We look forward to bringing NRP’s high quality multifamily housing product to this unique Charlotte location.”
This is the second transaction between Canyon Realty and NRP. In December 2012, Canyon Realty provided preferred equity to NRP for the development of Beacon430, a 326-unit, Class-A multifamily project located in downtown St. Petersburg, Florida.