ATLANTA, Aug. 15, 2024 /PRNewswire/ — NEWSTAR introduced nowadays the purchase of 2 websites in Charlotte, North Carolina deliberate for building of 103 houses to be operated beneath NEWSTAR’s Stella Properties logo. NEWSTAR is partnering at the initiatives with Crimson Cedar Properties, a main Southeast homebuilder and land developer.
The houses are positioned in northwest and north-central Charlotte respectively and overall roughly 17 acres. As soon as whole, the communities will component two-story and three-story houses with connected garages and market-leading finishes together with Hardiplank external facades, SPC floor, Quartz counter tops, framed mirrors, walk-in showers, and sodded and fenced-in yards. Completed houses will do business in 1,500 sq. ft to one,729 sq. ft of warm residing department.
“We are excited to announce these two new projects in Charlotte where we will provide much-needed family housing inside I-485″, stated Boone DuPree, Prominent Government Officer for NEWSTAR. “This marks our fourth partnership with Red Cedar, and we look forward to building upon that to deliver ‘Class A’ homes in a flexible and attainable rental format. NEWSTAR’s development pipeline now exceeds 1,000 homes and lots across the Southeast United States. We are excited to continue to grow our business by creating new neighborhoods to serve our communities.”
“We are looking forward to working hand-in-hand with NEWSTAR to design and build custom, quality homes for their new Charlotte communities,” stated Jon Grabowski, CEO of Crimson Cedar Capital Companions. “NEWSTAR has a distinct vision for this project, and we are honored to be a part of the execution. From initial budget and timeline conversations to construction and marketing – we’ll be there to support NEWSTAR every step of the way.”
Building mortgage financing and joint-venture fairness used to be organized through Patterson Actual Property Advisory Staff. Ameris Depot is the development lender.
Clearing and sitework is anticipated to start out this quarter with houses handing over establishing within the 3rd quarter of 2025.
For more info, please touch [email protected].
SOURCE NewStar Asset Control
