NEWSTAR Announces New Single-Family Rental Communities in Charlotte, North Carolina

ATLANTA, Aug. 15, 2024 /PRNewswire/ -- NEWSTAR announced today the acquisition of two sites in Charlotte, North Carolina planned for development of 103 homes to be operated under NEWSTAR's Stella Homes brand. NEWSTAR is partnering on the projects with Red Cedar Homes, a leading Southeast homebuilder and land developer.

The properties are located in northwest and north-central Charlotte respectively and total approximately 17 acres. Once complete, the communities will feature two-story and three-story homes with attached garages and market-leading finishes including Hardiplank exterior facades, SPC flooring, Quartz countertops, framed mirrors, walk-in showers, and sodded and fenced-in yards. Finished homes will offer 1,500 square feet to 1,729 square feet of heated living area.

"We are excited to announce these two new projects in Charlotte where we will provide much-needed family housing inside I-485", said Boone DuPree, Chief Executive Officer for NEWSTAR. "This marks our fourth partnership with Red Cedar, and we look forward to building upon that to deliver 'Class A' homes in a flexible and attainable rental format. NEWSTAR's development pipeline now exceeds 1,000 homes and lots across the Southeast United States. We are excited to continue to grow our business by creating new neighborhoods to serve our communities."

"We are looking forward to working hand-in-hand with NEWSTAR to design and build custom, quality homes for their new Charlotte communities," said Jon Grabowski, CEO of Red Cedar Capital Partners. "NEWSTAR has a distinct vision for this project, and we are honored to be a part of the execution. From initial budget and timeline conversations to construction and marketing – we'll be there to support NEWSTAR every step of the way."

Construction loan financing and joint-venture equity was arranged by Patterson Real Estate Advisory Group. Ameris Bank is the construction lender.

Clearing and sitework is expected to begin this quarter with homes delivering starting in the third quarter of 2025.

For more information, please contact [email protected].

SOURCE NewStar Asset Management

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