LOS ANGELES & CHARLOTTE, N.C.–(BUSINESS WIRE)–Canyon Capital Realty Advisors LLC (Canyon Realty) recently provided $12 million of preferred equity to NRP Group LLC (NRP) to develop Presidio, a 298-unit, Class-A, mid-rise apartment project in Charlotte, North Carolina.
“We look forward to bringing NRP’s high quality multifamily housing product to this unique Charlotte location.”
Presidio is situated on a 2.4-acre site in the South End district of Charlotte, located at the intersection of South Church Street and West Morehead Street. This location benefits from being at the border of Uptown, within several blocks of key employment and entertainment drivers including Duke Energy’s headquarters and the Carolina Panthers football stadium.
“We believe in the long-term growth of Charlotte’s urban core and are pleased to have the opportunity to invest in this high quality multifamily project,” said Ronald C. Muzii, Jr., Senior Director at Canyon Realty. “The South End and Uptown districts of Charlotte have transformed over the last decade into a true live/work/play environment and we are excited to be a part of that growth.”
The Uptown/South End submarket of Charlotte is the fastest growing apartment market within Charlotte, driven by demand from young professionals seeking an urban living environment. The submarket has experienced a five percent increase in mid-rise apartment rents from the previous year and has only a five percent vacancy rate as of the fourth quarter of 2013.
“NRP is one of the top multifamily developers in the country and consistently delivers products to the highest standards of quality for its residents. Canyon looks to establish long-term partnerships with best-in-class developers and we are pleased that the Presidio transaction allows us to enter into our second partnership with NRP,” said Canyon Realty Director Robin Potts.
The project will commence construction in the first quarter of 2014 and begin unit deliveries in the last quarter of 2015. When complete, the property will have five stories of apartment homes atop a structured parking deck. The apartment homes will include a mix of layouts ranging from one- to three-bedroom units. The project amenities will feature a swimming pool, club lounge, fitness center, garden courtyard and landscaped outdoor areas. The unit interiors will have luxury finishes including 10-foot ceilings, granite and quartz countertops, high-quality appliances and full walk-out balconies with views of Uptown Charlotte.
“We value our long-standing relationship with Canyon Realty and their expertise in getting transactions across the finish line,” said Michael Moses, Chief Investment Officer of NRP. “We look forward to bringing NRP’s high quality multifamily housing product to this unique Charlotte location.”
This is the second transaction between Canyon Realty and NRP. In December 2012, Canyon Realty provided preferred equity to NRP for the development of Beacon430, a 326-unit, Class-A multifamily project located in downtown St. Petersburg, Florida.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $23 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of over $14.9 billion.
About NRP Group LLC
The NRP Group is a fully integrated, premier multifamily developer, general contractor and property management company dedicated to producing exceptional results for clients and investors. Founded in 1995 by Alan F. Scott, T. Richard Bailey and J. David Heller, NRP has developed and constructed over 28,000 residential units in thirteen states in nearly 20 years, with a strong presence in Texas, Florida, North Carolina, Ohio, Michigan, Virginia, Indiana, New Mexico and Arizona. NRP Management is a full-service property manager that oversees more than 15,000 luxury, family and senior rental units encompassing more than 100 properties managed throughout 11 states. The NRP Group has over 500 employees nationwide with offices in San Antonio, Houston, Orlando, Raleigh, Cleveland, Detroit, Phoenix, Buffalo and Tampa. For more information, call (216) 475-8900 or visit www.nrpgroup.com.