NRP JV Breaks Ground on Charlotte Apartments
The project is the firm's seventh development in the Queen City.
The NRP Group has begun construction on South Tryon, a five-story, 310-unit transit-oriented apartment community located at 3310 S. Tryon St. in Charlotte, N.C. The development is a joint venture between NRP, Canyon Partners Real Estate and CIBC Bank USA.
Canyon and CIBC provided a preferred equity investment and construction loan, respectively. The project is expected to be completed in 2025.
South Tryon marks NRP’s seventh project funded with equity provided by Canyon, as well as its seventh in Charlotte. After construction finishes, South Tryon will be divided into one-, two- and three-bedroom living arrangements. The one-bedroom apartments will offer open den floor plans to support residents working from home. The community will feature amenities such as a swimming pool, fitness center, coworking area, movie theater, bike room, dog park and outdoor courtyards.
As part of its transit-oriented location, the community will be situated the city’s South End neighborhood, within half a mile of the New Bern light rail station and Interstate 77, with quick access to much of metro Charlotte and the new offices of several high-profile employers including Allstate, Lowe’s and LendingTree.
The community will be located within 3 miles of Charlotte’s Center City district and will have access to many retail, dining and entertainment options and cultural sites. There are 3.5 million square feet of office space and 1.9 million square feet of retail under development in the South End neighborhood.
Charlotte multifamily development
With substantial job growth, a growing population and relative affordability in comparison to national average rental rates, Charlotte remains a lucrative investment and development arena, particularly for luxury projects. The Queen City saw $2.1 billion in transactions in the first half of 2022, and the city’s rent growth rate of 1.3 percent lies 20 basis points above the national average, according to an August 2022 Yardi Matrix report. The city has 21,470 units in its pipeline, with another 84,000 in the early stages of development, Yardi Matrix data shows.
Recent high-profile projects in the city include Embrey Partners’ November 2022 purchase of land for the development of Finley, a 343-unit development set for completion in 2025. That same month, Madison Capital broke ground on Madison Ashley Park, a 253-unit upscale development.