NEWSTAR Expands Charlotte BTR Footprint
Deliveries at this latest project are on track to start next summer.
Atlanta-based NEWSTAR is expanding its portfolio of single-family residential communities in the Charlotte, N.C., market where it plans to build 58 homes on a 9-acre site in Northwest Charlotte. Clearing and sitework is expected to begin in the third quarter with the first build-to-rent residences slated to deliver in the summer of 2026.
NEWSTAR is partnering with Charlotte-based homebuilder Red Cedar Homes on the project. Last month, NEWSTAR announced it was teaming with the builder to develop a 133-unit BTR community in Braselton, Ga., an Atlanta suburb, on a newly acquired 19-acre site. Construction has begun on that project, which is slated for completion next spring.
NEWSTAR’s latest Charlotte project will be located on Pleasant Grove Road and will be part of the company’s Stella Homes BTR portfolio. The attached two-story homes will feature attached one-car garages with a mix of front- and rear-loaded plans. All homes will have sodded and fenced-in yards.
Patterson Real Estate Advisory Group arranged the construction loan financing and joint venture equity. Hancock Whitney Bank is the construction lender.
Growing BTR Platform
The Stella Homes BTR portfolio currently totals more than 1,300 completed, under-construction and planned homes. In Charlotte, the company’s developments include Preservation Pointe by Stella Homes and Hadley Crossing by Stella Homes. Five more Charlotte communities are named on the company website, among them Harrisburg Farms, a 23-acre, 159-home development acquired in December. NEWSTAR also partnered with Red Cedar Homes for this project, which will feature two-story duplex and triplex homes averaging 1,650 square feet with attached garages. Construction is underway and the first homes are expected to deliver in the first half of 2026.
Also in December, NEWSTAR Exchange, a NEWSTAR subsidiary, acquired Hadley Crossing by Stella Homes and launched a new Delaware Statutory Trust offering for accredited investors seeking to complete 1031 exchanges. The property was developed by NEWSTAR and features 44 four-bedroom detached homes with attached two-car garages. Hadley Crossing by Stella Homes reached stabilization in less than eight months, according to the firm.
NEWSTAR was founded in 2021 by former executives of Preferred Apartment Communities, Inc., a publicly traded REIT that was acquired in February 2022 by Blackstone Real Estate Income Trust. NEWSTAR acquires, develops, owns and operates single-family residential communities across the Southeast with a focus on Charlotte. In addition to Braselton, the company’s completed and planned developments include projects in Atlanta; Acworth, Ga.; Gainesville, Ga; The Villages, Fla., and Jacksonville, Fla.
