Greystar Breaks Ground on Birchway Eastfield Station

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Oct 01, 2024, 09:00 ET

CHARLOTTE, N.C., Oct. 1, 2024 /PRNewswire/ -- Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, is pleased to announce the groundbreaking of its latest Birchway-branded property, Birchway Eastfield Station, a new apartment community in Charlotte, NC. The project represents the first transaction capitalized in a strategic venture between Greystar and Whitman Peterson.

Birchway by Greystar invites residents to enjoy comfort in suburban garden-style communities, providing practicality, tranquility, and convenience. Rooted in community, the Birchway brand offers the conveniences of the city without city prices.

"We are extremely proud to bring Birchway Eastfield Station to Charlotte," Mike Sullivan, Director of Development, said. "With our focus on providing new apartments at competitive rent levels, we were able to work together with Whitman Peterson and would also like to thank both CIBC Bank USA and Synovus Bank for their partnership in providing the senior loan in a challenging capital environment."

Birchway Eastfield Station will offer a total of 402 apartment units comprising one-, two-, and three-bedroom layouts. Moreover, it will feature top-notch facilities like a large pool, well-equipped gym, coworking space, creative space, private work pods and a TV lounge. As part of a separate phase, Greystar will be completing earthwork for 110 townhomes. The pads will be sold to a home builder at a future date.

The community is surrounded by single-family homes to the north and east and is close to thriving industrial hubs to the south and west. Additionally, the development is conveniently located near popular shopping destinations like Northlake Mall, Shoppes at Highland Creek and the soon-to-be-opened Prosperity Village. For commuters, the community offers effortless accessibility to all parts of the city with nearby entrances to three major highways. Uptown Charlotte is a short 15 minute drive, while other areas of the city can be easily reached due to the site's proximity to I-485 and I-77.

Adding to the appeal of this community is its immediate proximity to Clarks Creek Nature Preserve, which offers residents walking trails, a dog park, pickleball courts and a community garden. The site provides ample room for landscaping and additional amenities.

Birchway Eastfield Station's design team included KTGY for architecture, Urban Design Partners for civil and landscape design, South Park Interiors for interior design and EM Structural and Jordan Skala for structural and MEP designs.

Pre-leasing for Birchway Eastfield Station is expected to begin in late 2025, with the community scheduled for completion in mid-to-late 2026.

About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.

About Whitman Peterson

Whitman Peterson ("WP") is an institutional real estate investment company, making and actively managing opportunistic real estate investments on behalf of institutional investors. The firm focuses on highly strategic GP-aligned partnerships with some of the nation's top vertically integrated real estate companies in its target sectors. WP and Greystar have been strategic partners since WP's formation in 2010 and have invested together in more than [175] asset-level investments, across multifamily, active adult, student, and logistics strategies. Across all Whitman Peterson's funds and GP-aligned partnerships, the firm has made more than 300 investments, in transactions involving more than $30B of total capitalization. Whitman Peterson is headquartered in the Greater Los Angeles area. For more information, please visit Whitman Peterson's website.

SOURCE Greystar