NRP Group Opens Charlotte Affordable Community
Sundale Flats marks the company's eighth property in the city.
The NRP Group has opened Sundale Flats, a 180-unit affordable housing community in Charlotte, N.C. The property caters to residents earning at or below 80 percent of the area median income.
Community Housing Resource Partners is the not-for-profit development partner. Other partners involved in the project include The North Carolina Housing Finance Agency, Bank of America, the City of Charlotte and The Charlotte Housing Authority.
According to Yardi Matrix data, financing for the development included:
- a $17.7 million Fannie Mae bond loan from INLIVIAN (previously known as The Charlotte Housing Authority)
- a $10.2 million bridge loan originated by Bank of America
- a $2 million construction loan from the City of Charlotte
Sundale Flats encompasses three buildings with two-, three- and four-bedroom floorplans ranging between 960 and 1,278 square feet. The community offers a fitness center, a business center, a clubhouse, a playground, outdoor picnic and barbeque areas, a laundry facility and parking spaces. Apartment amenities include full size washer and dryer connections, walk-in closets and kitchen appliances.
The property is located at 2019 Aberdale Farm Lane in the Hidden Valley/Oak Forest submarket. Route 29 is near the community, providing direct access to downtown Charlotte. The light rail extension with the Old Concord Blue Line station is less than 0.5 miles from community. There’s also an abundance of retail centers, schools and dining options in the property’s proximity.
Sundale Flats marks NRP’s eighth community in the city of Charlotte. The company recently broke ground on South Tryon, a 310-unit transit-oriented community at 3310 S. Tryon St.