Pretium JV Breaks Ground on 2 Charlotte BTR Projects
Upon completion, the communities will encompass 136 homes.
A partnership between Crescent Communities and Pretium has broken ground on Harmon Ballantyne and Harmon Five Points, two built-to-rent projects totaling 136 units in Charlotte, N.C. The companies acquired the land for Harmon Five Points in May, with Crescent landing a $23.2 million construction loan from Atlantic Union Bank on the same month, Yardi Matrix data shows.
Scheduled for completion next year, Harmon Ballantyne and Harmon Five Points will encompass 60 and 76 townhomes, respectively, with three- and four-bedroom floorplans, as well as two-car garages, private balconies and access to walking trails and pocket parks. Harmon Five Points will also include a firepit with outdoor sitting and a dog park.
Located at 15825 Marvin Road, Harmon Ballantyne will be within 1.5 miles of The Shoppes at Ardrey Kell and numerous other retail options. Interstate 485 will be some 3 miles north of the community, whereas Charlotte’s CBD will be some 13 miles to the south. Harmon Five Points, located at 360 Seldon Drive, will be within 2 miles of Charlotte city center and close to several green areas, including Five Points Park.
The developments are part of the companies’ joint venture initiative to invest $1 billion in SFR assets across 14 strategic markets. In March, the partnership also acquired the land for Harmon Legacy Trail, another SFR project comprising 78 homes in Nokomis, Fla. According to the company’s website, Crescent Communities has three other developments under construction in Charlotte—Novel Mallard Creek, Novel University Place and Novel Ballantyne—totaling 906 units.