NewStar Announces Charlotte, North Carolina Single-Family Rental Subdivision, Hadley Crossing by Stella Homes

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Jun 22, 2023, 16:01 ET

ATLANTA, June 22, 2023 /PRNewswire/ -- NewStar Asset Management ("NewStar" or the "Company") announced today that through its subsidiary, NewStar Development, the Company has closed on approximately 13 acres in Charlotte, North Carolina where it will develop Hadley Crossing (the "Project"), a single-family subdivision under the Company's Stella Homes platform. Upon completion, Hadley Crossing will offer 3-bedroom and 4-bedroom single-family detached homes for rent.

Hadley Crossing is located in north-central Charlotte, inside I-485 with convenient access to Uptown Charlotte (21-minute drive time) and Charlotte International Airport (23-minute drive time). The community is privately located within a traditional residential area, and convenient to nearby amenities, including Clarks Creek Park and Mallard Creek Park, and two Harris Teeter and one Publix grocery stores within less than 2 miles.

Bankrate ranked Charlotte the #5 U.S. housing market in its 2023 Housing Heat Index study, based on 1-year home price appreciation, 1-year job growth and population growth, lowest number of active residential listings per thousand people, listings' median days on the market, and unemployment rate. Charlotte's #5 ranking is out of 212 metropolitan statistical areas. The same report ranked Charlotte #1 out of the top 50 U.S. metropolitan statistical areas by population.

Jason Frost, Chief Development Officer for NewStar, is leading the Project. Mr. Frost said, "Hadley Crossing will feature two-story homes with two-car garages, Hardiplank exteriors with board and batten and brick accents, fenced-in backyards on all homes with sod on all sides, and high-end interior finishes including quartz countertops, kitchen islands, luxury vinyl tile floors, and stainless-steel appliances. We are excited to expand our footprint to the Charlotte market with a low maintenance product that will serve the community well."

"We are excited to build on our Stella Homes platform with this high-quality Hadley Crossing subdivision," said Boone DuPree, NewStar's Chief Executive Officer. "These are the homes that are missing in inventory and that align with demographic demands as Millennials enter prime family formation age and seek safe communities with space and privacy."

Construction is expected to begin in the third quarter with the first homes delivering in the fourth quarter of 2023.

For more information on the Project, Stella Homes, or NewStar, please contact [email protected].

About NewStar: NewStar Asset Management is a real estate-focused alternative investment and asset management company based in Atlanta, Georgia. For more information visit www.newstar-am.com.

SOURCE NewStar Asset Management