FCP, Crosland Southeast Begin Charlotte Mixed-Use Project

The joint venture will build a master-planned development in a fast-growing suburb 20 miles from Uptown.

The Exchange at Indian Land. Rendering courtesy of G4 Architectural Services LLC

A joint venture of FCP and Crosland Southeast has acquired 158 acres near Charlotte, N.C., and broken ground on The Exchange at Indian Land Apartments, a mixed-use development in Indian Land, S.C., which will feature a three- and four-story residential community with 400 apartments and 35,000 square feet of retail space.

The first apartments are slated for delivery in early 2024. The master-planned development will also feature a new shopping center anchored by Lowes Food grocery store and 20,000 square feet of retail space. In addition to FCP and Crosland Southeast, national homebuilder Taylor Morrison will be constructing more than 300 townhomes as part of the master plan.

FCP Senior Vice President Alex Cathcart, who heads the firm’s Raleigh, N.C., office, said in a prepared statement The Exchange at Indian Land will provide much-needed apartment living in a rare walkable environment that is close to job centers and retail.

Indian Land, located about 20 miles from Uptown in Charlotte, is one of Charlotte’s fastest-growing suburbs. It has highly rated schools and excellent quality of life. The Exchange at Indian Land apartments will be built at Charlotte Highway and Possum Hollow Road and will offer direct access to major employers including Red Ventures, Continental Tire, Movement Mortgage and the future MUSC Hospital. The site is also just south of the Ballantyne, N.C., area, also a growing Charlotte suburb that is home to more than 40,000 jobs. The Exchange at Indian Land will also be adjacent to a newly opened YWCA that features an indoor pool, after-school childcare, walking tracks and ballfields.

The development has been in the planning stages for nearly two years, according to Yates Dunaway, senior vice president at Crosland Southeast. Yates said in prepared remarks he expects the project to be similar to previous Crosland developments with a mix of uses designed to create an attractive environment for future residents and neighbors. Based in Charlotte, the firm is a longtime developer of retail and mixed-use projects including Waverly, a 90-acre mixed-use development in Charlotte with about 250,000 square feet of retail space along with restaurant, residential, office, medical office and hospitality offerings.

FCP Activity

Headquartered in Chevy Chase, Md., FCB is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since 1999. FCP invests directly and with operating partners. Last month, FCP acquired Park 35 Apartments in Decatur, Ga., for $40.5 million. The previous owner of the 304-unit garden style property was Faros Properties, according to Yardi Matrix data.

In recent months, FCP has also partnered with several other firm on multifamily communities around the United States. FCP joined with Mill Creek Residential Trust to add 800 apartments to the Academical Village master plan in Broward County, Fla., in July.

Also in July, FCP acquired its third Colorado asset through a $114 million joint venture with BMC Investments that recapitalized the 461-unit Aurora Meadows in Aurora, Colo.

FCP entered the Austin market in June with another firm, VaultCap Partners. The two companies acquired Huntington Meadows, a 200-unit multifamily community in an off-market transaction that did not disclose the sale price or seller.

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