ATLANTA, Dec. 15, 2023 /PRNewswire/ — NewStar Asset Management (“NewStar” or the “Company”) announces the launch of NewStar Equity Lot Finance, a subsidiary business focused on investments in residential land development in partnership with select national homebuilders. Through this business, NewStar has acquired 39 acres in Charlotte, North Carolina (the “Property”) in partnership with Red Cedar Development LLC (“Red Cedar”), planned for development into a 126-townhome community known as Preservation Point. Prior to acquiring the Property, NewStar and Red Cedar entered into a purchase agreement with a national homebuilder contracting for sale of the finished townhome lots.
The Property is well-located approximately 1 mile from the main commuter loop, I-485, in northwest Charlotte with convenient access to Uptown Charlotte (9 miles / 21 minutes) and the Charlotte Douglas International Airport (9 miles / 13 minutes). Newly constructed homes within a 5-mile radius are selling from the $300,000’s to over $1 million. The Property is less than 1 mile from a variety of retail amenities including Harris Teeter and Walmart Supercenter.
“We are excited to launch this new vertical which is so complementary to NewStar’s overarching investment thesis for single-family housing”, said Boone DuPree, Chief Executive Officer of NewStar Asset Management. “Preservation Point meets our size and location targets within a market we know well, highly rated for single-family housing prospects, and where we are already actively developing. We look forward to starting construction in the first quarter with our partner, Red Cedar.”
“Preservation Point will be a great community for families and individuals seeking a convenient location relative to major employment hubs and transportation infrastructure”, said Joe Gibson, NewStar’s Chief Investment Officer. “We have been active in the Charlotte market for many years across several investment platforms and we are excited to grow our presence there once again. This property is a short drive from our Hadley Crossing build-to-rent development which is finishing construction and starting its initial lease up this month.”
Clearing and sitework is expected to begin in the first quarter with finished lots delivered for sale beginning in the third quarter of 2024.
For more information on the Project, NewStar Equity Lot Finance, 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
Originally published at https://www.prnewswire.com/news-releases/newstar-launches-residential-land-development-fund-series-and-announces-first-project-in-charlotte-north-carolina-302016751.html
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