ATLANTA, Dec. 19, 2024 /PRNewswire/ — NEWSTAR announced today that it has acquired 23 acres on Harrisburg Road in Charlotte, North Carolina, planned for development with 159 homes in a new single-family rental subdivision known as Long Farm. This project expands NEWSTAR’s Charlotte portfolio to more than 500 single-family lots and homes in various stages of construction, lease up, and operation. NEWSTAR is partnering on the project with Red Cedar Homes, the fastest growing private homebuilder in Charlotte, and will operate the community under its Stella Homes platform.
Upon completion, Long Farm will feature two-story duplex and triplex homes with attached garages and market-leading finishes including Hardiplank facades, Stone Plastic Composite (“SPC”) flooring, Quartz countertops, framed mirrors, soft-close cabinetry, stainless steel appliances, walk-in showers, and sodded and fenced-in yards. Community amenities include a resort-style pool and clubhouse with a fitness center, on-site management, and a dog park. Homes will offer three bedrooms across 1,650 square feet of heated living space.
“We are excited to announce Long Farm, NEWSTAR’s largest neighborhood development to-date,” said Boone DuPree, Chief Executive Officer of NEWSTAR. “At 159 homes, we can invest substantially in the common areas of the subdivision, curb appeal, and amenity offerings. We will be delivering homes at a significant discount to the cost of new construction homes for sale in the area, which currently run well north of $500,000, serving excellent demographics including more than 115,000 people within 5 miles earning an average household income of nearly $100,000.”
Construction loan financing and joint-venture equity was arranged by Patterson Real Estate Advisory Group. Ameris Bank is the construction lender.
Clearing and sitework is expected to begin in the first quarter of 2025 with first homes delivering in the first half of 2026.
For more information, please contact [email protected].
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SOURCE NewStar Asset Management
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