Crescent Sells Charlotte Community
The property includes an active adult housing property and plans for future townhomes.
Crescent Communities has sold its interest in NOVEL Ballantyne, a 285-unit property that is part Charlotte’s Ballantyne neighborhood master-planned community. Located at 14011 Bespoke Rd., the community includes a 55+ active adult housing property, The Balmore at Ballantyne, as well as plans for a future townhome development.
“The sale of NOVEL Ballantyne aligns with Crescent Communities’ business plan for the asset and its partner,” Michael Tubridy, senior managing director of multifamily development for North Carolina and Tennessee, Crescent Communities, told Multi-Housing News. “Given today’s strong market fundamentals and investor interest in well-located multifamily properties, now was the right time to transition ownership while continuing to focus on new opportunities that align with our vision for growth.”
NOVEL Ballantyne includes studio, one- and two-bedroom homes. In-unit amenities include stainless-steel appliances, large windows and quartz countertops.
Community amenities include a saltwater pool, lounge area, pool house, fitness center, dog park, coworking library, presentation space with work tables, an outdoor lawn and putting green, grilling stations and a coffee and wine self-service station. According to Yardi Matrix data, the property is 70.9 percent occupied.
Residents are located nearby two retail centers anchored by Sports and Publix. Also in proximity is the Bowl and Ballantyne development, Ballantyne Corporate Park and Novant Health Ballantyne Medical Center. Downtown Charlotte is 15 miles away.
Partners on the community include Cooper Carry architecture firm, Ellinwood + Machado as the structural engineer, MEP engineer IMEG Corp., LandDesign as the landscape architect and civil engineer and interior designer Vignette.
Bullish on Charlotte
Crescent Communities is well-established in Charlotte. Its apartment portfolio includes NOVEL University Place, NOVEL Mallard Creek in University City, and HARMON Five Points. Its NOVEL River District is scheduled to open in early 2026.
Its legacy communities include The Atherton, formerly NOVEL Atherton, MAA LoSo, formerly NOVEL LoSo Station; Pointe at Research Park, formerly NOVEL Research Park; 30Six NoDa, formerly NOVEL NoDa; Emerson Montford Park, formerly NOVEL Montford Place; amongst many others.
Also very bullish on the area is RREAF, according to Brad Webb, chief investment officer at RREAF Holdings. In December of 2024, it acquired a 201-unit multifamily property and is actively looking at another 750+ units in the market to expand its presence, Webb told MHN.
In 2024, Charlotte delivered over 15,000 multifamily units, with more than 12,500 units absorbed. Since 2022, Charlotte’s population has grown by more than 7.3 percent. With continued strong economic development projected for the business-friendly region, RREAF anticipates this job growth and population growth trend to persist.
“Due to the interest rate environment and rising construction costs over the past couple of years, we do not expect multifamily housing deliveries to reach the high levels experienced in 2022-2024,” Webb said. “As deliveries remain constrained and net migration continues to drive demand, we anticipate that both market rates and occupancy levels will continue to rise in Charlotte over the next several years.”
Of a similar sentiment is JLL. John Gavigan, managing director, JLL, based in North Carolina, told MHN that “the Carolinas markets have seen incredible tenant demand over the past 12 months, hitting record highs in absorption in both Charlotte and Raleigh in 2024. Similarly, we’re seeing the continued trend of capital looking to invest in well-located multifamily product in the Carolinas as our markets continue to experience strong population and job growth.”
