Widewaters Lands JV Equity for Charlotte-Area Community
This is the second time Canyon Partners has made an equity investment in a Widewaters project.
A rendering of the Parkstone project. Image courtesy of Canyon Partners Real Estate
The Widewaters Group has lined up a financing partner for its 266-unit multifamily project in Indian Land, S.C. Canyon Partners Real Estate is taking a stake in the property, providing a $14.8 million preferred equity investment.
Widewaters will lead the development of the community, Parkstone at Indian Land, while Carocon will construct the project as general contractor. The project also secured a senior construction loan from Huntington National Bank.
Widewaters has already broken ground on Parkstone at Indian Land, having started site work in July 2022 and vertical construction in January 2023. The Class A community is expecting to see its first residents in late 2023, with competition scheduled for mid-2024.
The garden-style community totals 288,164 square feet with units offering full-size washer and dryers and balconies. The residents will also have access to a dog park, pet spa, car wash, pond area, mailroom with package lockers, fitness center and pool.
Parkstone at Indian Land is located 15 miles south of downtown Charlotte, N.C., and five miles south of the Ballantyne submarket on the North Carolina side of the border. Residents will be near the area’s major suburban employment nodes, including Ballantyne and Fort Mill, S.C. Indian Land itself is home to media company Red Ventures.
Widewaters and Canyon Partners previously worked together on another project, Parkstone at Knightdale. This deal marks their second joint multifamily investment. In 2017, Canyon Partners provided a $10.3 million preferred equity investment for the Knightdale multifamily development in Raleigh. Widewaters has two other projects under construction in North Carolina which total 1,158 units. Parkstone is Canyon Partners’ third investment in the greater Charlotte area in the last five months.
In October, the firm provided a $51.5 million senior loan to TMGOC Ventures to build a 13-story, 208-key hotel in Charlotte that’s scheduled to open in September 2024. In February, Canyon Partners invested equity in NRP’s South Tryon project, a 310-unit market-rate community in Charlotte’s South End neighborhood.
