Rental Housing Leader Closes on Ninth Development Project in Charlotte
CHARLOTTE, NC (May 10, 2023) – RangeWater Real Estate continues to expand its presence in the Sun Belt after closing on 3.79-acres in Charlotte’s Lower South End. The 350-unit multifamily apartment community, The Kingsman, marks RangeWater’s ninth development in the Charlotte market.
As a leader in Charlotte’s South End, the Atlanta-based company is committed to revitalizing this former industrial corridor into the Queen City’s most vibrant infill neighborhood. RangeWater’s first South End development, the award-winning Penrose, served as a catalyst in establishing a community hub and ultimately set a new high-water mark when it sold in 2019. The Penrose blazed a trail for a number of additional RangeWater development opportunities in the area, including The Artizia at LoSo, completed in 2021 and still under ownership of RangeWater, and The Raven at Tremont, a 261-unit development in the South End slated for completion this Fall. The firm currently manages over 5,800 units in the market.
“Charlotte continues to be a target market for our team to develop, acquire and manage,” said Steven Shores, Chairman and CEO of RangeWater. “As our ninth development project here, we’re looking forward to serving Lower South End’s energetic neighborhood once again.”
Charlotte has seen impressive economic growth in recent years, making it an attractive location for real estate developers and investors alike. According to the Charlotte Regional Business Alliance, the city has seen a 4.6% job growth rate in the last year, outpacing the national average at 2.9%. Additionally, Charlotte is home to numerous Fortune 500 companies, including Bank of America, Lowe’s, and Duke Energy, which contribute to the city’s robust economy. The city’s robust growth and the emergence of these thriving new neighborhoods make it a prime location for RangeWater’s continued investment in the area.
The Lower South End has quickly earned its reputation as an exciting new entertainment district in Charlotte, teeming with chic eateries, bars and breweries, eclectic shops, fitness studios, art, nightlife, and tech start-ups. A walkable community, The Kingsman is ideally situated along the Charlotte Light Rail, providing convenient access to mass transit for residents looking to live, work, and play in the growing urban district.
Located at 4700 Nations Crossing, The Kingsman will offer studio, one-, two- and three-bedroom apartments ranging from 543 to 1,519 square feet. The interior of the apartments will feature modern touches, including premium unit finishes, quartz countertops, matte black hardware, stainless steel appliances, and smart unit entry. The pet-friendly community will also provide a wide range of amenities, such as a dog park and spa, a resort-inspired pool, a luxury clubroom, co-working spaces, micro-offices, outdoor grills and fireplaces, a fitness center and a sky lounge with unobstructed views of the burgeoning Uptown neighborhood.
“The Kingsman demonstrates RangeWater’s conviction in Lower South End’s strength as a submarket,” said Palmer McArthur, Managing Director of Development for the Carolinas and Tennessee at RangeWater Real Estate. “Having quickly emerged as a highly desirable location for residents seeking a dynamic urban lifestyle, we are excited to further contribute to the neighborhood’s positive growth.”
RangeWater will break ground on The Kingsman in May, with move-ins anticipated in April 2025.