RangeWater Real Estate and equity partner ParkProperty Capital have broken ground on a 261-unit multifamily community in Charlotte, North Carolina. This development adds to RangeWater’s portfolio of more than 2,000 units developed in the Charlotte area and marks ParkProperty Capital’s second investment in the city.
The Raven at Tremont will bring one- and two-bedroom apartments to Charlotte’s South End, which is a quickly growing mixed-use district of creative industries. The first apartments are expected to be delivered in spring 2023.
“Charlotte continues to be a great market for us,” said Steven Shores, president and CEO of RangeWater. “Following the successful development, lease-up, and sale of Penrose nearby, we’re looking forward to once again serving the South End’s vibrant community of public art, trails, restaurants, boutiques, and nightlife with The Raven.”
According to Palmer McArthur, managing director for the Carolinas and Tennessee at RangeWater, The Raven at Tremont will feature a signature modern design with a top floor sky lounge as well as a fitness center, a swimming pool, a dog park, and 10,000 square feet of open green space. The apartments will include 9-foot ceilings and modern features, from subway tiles to stainless steel appliances, granite countertops, and in-unit Whirlpool washers and dryers.
RangeWater, a fully integrated multifamily real estate company based in Atlanta, has 10 active projects with more than 2,500 units, including apartments under third-party management, in North Carolina. It has acquired and developed nearly 29,000 multifamily units since inception in 2006 and manages a portfolio of over 56,000 units in the Sun Belt.
ParkProperty Capital is a multifamily real estate investment firm backed by members of the Otto family, a high-net-worth German family with more than five decades of global real estate investment experience. Its U.S. investment operations and portfolio management also are based in Atlanta, where it manages a rapidly growing portfolio of approximately 2,900 units.
“We’re excited to partner with such a high-quality developer in RangeWater and grow our footprint in Charlotte,” says Brendan Whalen, managing director of ParkProperty Capital. “This will be our second investment in Charlotte and the first in the South End neighborhood where we see a lot of opportunity given the continued growth in the area. This also is the third investment through our discretionary fund platform that invests in similar development opportunities throughout the major markets in the Sun Belt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
