Canyon Partners and The NRP Group Form Joint Venture for Transit-Oriented Multifamily Development in Charlotte
CHARLOTTE, N.C., Sept. 15, 2023 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") and The NRP Group ("NRP") today announced a joint venture for the development of the Abernethy Lofts, a 392-unit, Class A multifamily community in the NODA submarket of Charlotte, North Carolina. Canyon provided $35.9 million of LP equity for the development, which is in a qualified opportunity zone. Construction of the community will begin immediately and is expected to be completed in Q2 2026.
Located walking distance to the Sugar Creek LYNK Blue Line Rail Station in Charlotte's North Davidson arts and entertainment district ("NoDa"), Abernethy Lofts will be in one of the city's most desirable neighborhoods and positioned among hundreds of restaurants, shops, galleries and music venues. As Charlotte's established workforce continues to grow as a result of corporate relocations and expansions, the community's proximity to public transportation will provide residents with convenient access to the area's major employment centers, including Uptown Charlotte, University City and the South End.
"Since our first development in the NoDa neighborhood over five years ago, we have recognized the incredible opportunities and amenities readily available to residents in this area," said Jason Mochizuki, Vice President of Development at The NRP Group. "We are proud to partner with Canyon for the fourth time in the Charlotte market to continue creating highly desirable rental opportunities in a location that offers connectivity and convenience."
Most recently, Canyon collaborated with NRP in February 2023 for the development of South Tryon, a residential community in Charlotte's South End.
Abernethy Lofts will total 344,339 square feet and include an extensive amenity package with a resort style pool, a large outdoor area with private dining, pizza and grilling stations, work-from-home conference pods, a state-of-the-art fitness center and a large dog park. The community will have structured parking for 509 spaces and a garage with branded electric bikes. The community will feature several environmental, social and governance ("ESG") attributes including ENERGY STAR rated appliances and Wi-Fi-enabled "Smart" thermostats.
Canyon has been an active provider of debt and equity in the Southeast and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested approximately $2.0 billion in debt and equity to capitalize nearly $6.2 billion of total projects in the Southeast.
About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.5 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $21.3 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.
For more information visit: www.canyonpartners.com.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing whose mission is to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provide the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, workforce, and mixed-income housing.
The NRP Group ranks consistently in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for "Builder of the Year," and a four-time recipient of the Pillar Award for "Development Firm of the Year." The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate communities at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
Contacts
Canyon Partners
Kris Cole
(310) 614 9208
Pro-Canyon@prosek.com
The NRP Group
Sam DePasquale
(646) 935-3558
nrpgroup@antennagroup.com
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SOURCE Canyon Partners LLC
