Canyon Capital Realty Advisors LLC (Canyon Realty), the real estate direct investing arm of Canyon Partners LLC, has teamed up with NRP Group LLC in the development of a 298-unit apartment project in Charlotte’s South End, providing $12 million in preferred equity for the project.
The Class A mid-rise apartment project, dubbed Presidio, is set to break ground in the first quarter of 2014 on a 2.4-acre site at the corner of South Church Street and West Morehead Street. The location puts Presidio within the South End/Uptown submarket, the fastest growing apartment submarket within the city. Moreover, South End/Uptown experienced a five percent year-over-year rent increase in mid-rise apartments and closed 2013’s fourth quarter with a 95 percent occupancy rate. Presidio’s location also means swift access to Uptown’s employment and entertainment opportunities, thus promoting the live-work-play lifestyle that appeals to young professionals.
Presidio will start delivering units in the fourth quarter of 2015, all of which will feature high-end finishes such as granite and quartz countertops, top-of-the-line appliances, ten-foot ceilings and full walk-out balconies. Apartments will have one to three bedrooms, comprised in five residential stories atop a structured parking deck. Community amenities will include a fitness center, club lounge, swimming pool, garden courtyard and landscaped outdoor areas. It
Presidio represents the second partnership between Canyon Realty and NRP. Canyon provided NRP preferred equity in late 2012 for the development of the 326-unit Beacon430, a Class A multifamily project in downtown St. Petersburg, Fl.
NRP Group is a fully integrated multifamily developer, general contractor and full-service property management company It has developed and constructed over 28,000 residential units and currently manages over 15,000 units in more than 100 properties. Presidio will be its first Charlotte apartment community.
Image courtesy of Beacon430