CrowdStreet: NOVI At Concord

Real estate investment platform CrowdStreet announced an offering for an equity investment in three luxury apartment buildings in downtown Concord, North Carolina.

This preferred equity investment opportunity entails three Class-A multifamily assets, totaling 304 luxury units in advanced stages of development. Recent years have brought billions in corporate investment to the fast-growing suburb of Charlotte, including a $1 billion redevelopment agenda led by the City Commissioners Office and the Economic Development Corporation. 

Concord sits 25 miles from downtown Charlotte, and the two cities and their surrounding areas have seen rapid rates of growth in their economies and populations. Recently, U.S. News and World Report listed Charlotte as the #8 Best Place to Live in the U.S., and the Urban Land Institute named Charlotte as the #10 Market for Overall Real Estate Prospects in 2023. The county in which the developments reside, Carrabus County, is projecting a 5-year population growth rate of 10.5% according to CoStar. Charlotte’s population is projected to grow by over 11.4% over that same timeframe. Suburb cities, including that of Concord, will continue to benefit from residents looking to move out of Charlotte, increasing demand for multifamily housing in the surrounding areas.

NOVI Flats, NOVI Rise and NOVI Lofts are in later stages of development, with the Flats already being completed and in the leasing process. NOVI Rise is nearing completion and is expected to commence the pre-leasing process in Q3 of 2023. NOVI Lofts is also in the construction phase with pre-leasing expected to commence in Q3 2024. The sponsor of the offering, Denholtz Properties, intends to enter into a preferred equity position with Lansing Melbourne Group, which is in need of rescue capital to complete the three development projects. 

The 13-time repeat sponsor on the CrowdStreet real estate investment platform, Denholtz Properties, has skin in the game by providing $13.9 million in preferred equity to the developer. The group has extensive experience in the multifamily real estate asset class, attaining a current portfolio exceeding $1.8 billion in total value across 66 properties. Both Denholtz and Lansing Melbourne Group have expertise in this particular market, with over 1,000 multifamily units in the area. 

The minimum investment for NOVI at Concord is $25,000.

CrowdStreet will host a live webinar at 10 a.m. PST on June 8 at 10:00 a.m. with the investment window opening 30 minutes into the webinar.

View details of CrowdStreet’s offerings

Photo courtesy of CrowdStreet