Multifamily Developer Expanding Charlotte Footprint to Over 2,000 Units
CHARLOTTE, N.C. (October 07, 2021) – RangeWater Real Estate and equity partner, ParkProperty Capital, announces The Raven at Tremont in Charlotte’s South End. This development adds to RangeWater’s portfolio of more than 10 active projects in North Carolina, and is ParkProperty Capital’s second investment in the Queen City.
“Charlotte continues to be a great market for us,” said Steven Shores, President & CEO of RangeWater. “Following the successful development, lease-up and sale of Penrose nearby, we’re looking forward to once again serving South End’s vibrant community of public art, trails, restaurants, boutiques and nightlife with The Raven.”
The Raven at Tremont will consist of 261 one- and two-bedroom apartments in the South End’s quickly growing mixed-use district of creative industries. It’s just steps from Atherton Mill, Charlotte’s Rail Trail and a vibrant collection of public art as well as the South End’s award-winning restaurants and boutiques.
“The Raven at Tremont will showcase the unparalleled features and amenities RangeWater is known for,” added Palmer McArthur, managing director for the Carolinas and Tennessee at RangeWater Real Estate. “We’re planning a signature modern design with a top floor sky lounge as well as a fitness center, pool, 10,000 square feet of open green space and a dog park.”
The Raven at Tremont apartments will feature 9-foot ceilings and modern finishes, from subway tiles to stainless steel appliances, granite countertops and Whirlpool washer/dryer units in each apartment.
Groundbreaking is scheduled to begin early October with first apartment homes delivering in Spring of 2023.
“We are excited to partner with such a high-quality developer in RangeWater and grow our footprint in Charlotte,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our second investment in Charlotte and first in the South End neighborhood where we see a lot of opportunity given the continued growth in the area. This is also the third investment through our discretionary fund platform that invests in similar development opportunities throughout the major markets in the US Sunbelt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
RangeWater has a track record of successful projects in the Charlotte area with over 2,000 units developed thus far, including The Kendry, The Penrose, The Mason, The Collins and The Artistry at LoSo (Charlotte’s Lower South End). RangeWater currently has 10 active projects in N.C. totaling more than 2,500 units, including apartments under third-party management.
Tremont is located at 536 W Tremont Avenue.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed nearly 29,000 multifamily units since its inception in 2006 representing in excess of $5 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 56,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
About ParkProperty Capital
ParkProperty Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of approximately 2,900 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.