Crescent Communities and Pretium have acquired land for HARMON Five Points, a 76-unit built-to-rent community in Charlotte, N.C. The project is part of the joint venture’s $1 billion investment in the development of such properties. The project is planned to break ground in June 2022 and is slated for completion in 2023.
The community will be built by DRB Group, while Atlantic Union Bank is the lender. The development team also includes LandDesign 505Design. Progress Residential will provide leasing and property management services.
Upon completion, the community will offer three-bedroom units with outdoor balconies, private garages and driveways. Common-area amenities will include a fire pit, outdoor lounge seating and lawn area.
Located at 360 Seldon Drive, the property is approximately 3.5 miles from downtown Charlotte and roughly 8 miles from Charlotte Douglas International Airport. The community is within walking distance of Five Points Park and John C. Smith University. Dining and retail options are available along Rozzelles Ferry Road and the surrounding area.
HARMON Five Points represents the fourth single-family built-to-rent community in development for Crescent Communities and Pretium and the second such project in Charlotte. Tony Chen, Managing Director of single-family built-to-rent at Crescent Communities, stated in prepared remarks that the joint venture will continue to expand in Charlotte. Harmon Legacy Trail, a 78-unit community in Nokomis, Fla., that’s slated for completion in 2023, is also part of the venture’s platform.
In one of the sector’s largest moves in the past two years, Pretium partnered with Ares Management to acquire Front Yard Residential for $2.5 billion, growing its portfolio by some 14,500 rental homes.