CrowdStreet To Launch New Offering For A Two-Building Multifamily Development In Charlotte, NC, With a 20.3% Target Annualized Return

CrowdStreet has announced a new offering for The Joinery Phase II, which will be open for investment at 1:00 PM EST on Monday, February 7, 2022.

The Joinery Phase II is a two-building multifamily community and the second phase of a walkable, master-planned development in Charlotte, NC.

Joinery Phase II will be the second development within The Joinery master-planned development, with this phase encompassing a two-building, 361-unit mid-rise multifamily property with 17,384 SF of ground-floor retail.

The sponsors are projecting a three-year development business plan with a subsequent sale at the end of year three, at which point investors will receive a distribution that is targeted to result in an annualized return of 20.3%.

Investment Highlights:

• The sponsors will invest over $6 million in equity, showing their commitment and belief in the Joinery development.
• Charlotte is the 15th ranked overall market and the 12th ranked market for multifamily in CrowdStreet’s Market Ranking 2022.
• The East Charlotte submarket has seen 17% rent growth over the past 12 months and has a low market vacancy of only 4.7%.
• The Joinery will feature 17,000 SF of ground-floor retail anchored by a well-regarded local brewery who contributed land to the deal for $2.1 million and will lease 9,000 square feet.
• The Joinery’s total land basis amounts to a roughly 70% discount per unit vs comparable land transactions.
• The Joinery Phase II will be an opportunity to invest in a walkable, affordable, energy-efficient and thoughtfully designed master-planned community.

Offering Details:

• Minimum investment: $25,000
• Target IRR: 20.3%
• Target equity multiple: 1.7x
• Target investment period: 3 years

View complete offering details on CrowdStreet

Deal Sponsor: The investment opportunity is being offered by a joint venture between Space Craft, a Charlotte-based development company and Swinerton, a San Francisco-based construction company.

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Photo: Courtesy of CrowdStreet