Los Angeles (May 2, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided $11 million of preferred equity to an affiliate of the NRP Group LLC (“NRP”) for the ground-up development of Parkwood Station, a Class-A, luxury multifamily community in Charlotte, NC.
Canyon’s experience in multifamily investing includes a diverse portfolio, having invested approximately $1 billion in 48 projects nationwide. In the past five years alone, Canyon has deployed nearly $770 million in 39 multifamily investments across the U.S. through senior loans, mezzanine loans, preferred equity and equity, facilitating over $2 billion of investments.
Parkwood Station is the second apartment development investment made by Canyon in Charlotte. Loft One35, a 298-unit Class-A apartment located at 135 Morehead Street was developed by NRP and Canyon in 2014 and is located in the South End district of Charlotte. That property recently sold in December 2016.
“Parkwood Station represents the fifth transaction we have closed with Canyon Partners,” said George Currall, Principal, Managing Director of Capital Markets for NRP Group. “They have proven to be a reliable capital provider and partner and we are currently working on several other opportunities, which we hope to finalize during 2017.”
The 309-unit project will be located on a highly visible, transit-oriented, site at the intersection of Parkwood Avenue and Brevard Street in the rapidly growing neighborhood known as NoDa. Approximately one mile northeast of Uptown, the area has quickly become a popular arts and entertainment district in Charlotte. The project is adjacent to the Parkwood light rail station along the new LYNX Blue Line extension which is under construction and scheduled to open in early 2018.
Parkwood Station consists of a four- and five-story midrise building with 269,610 rentable square feet. It will offer 23 studios, 180 one-bedroom apartments, 98 two-bedroom apartments and 8 three-bedroom apartments. Project amenities include a fitness room, resort-style, heated salt-water pool, fire pit and outdoor grilling areas, common area Wi-Fi, bike storage and repair station, pet grooming facility, relaxation courtyards and gated parking garage with 421 spaces.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC (Canyon) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.3 billion of capital in over 250 commercial real estate and mortgage transactions with a total capitalization of $16.8 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $21 billion of assets. For more information visit: www.canyonpartners.com.
About NRP Group LLC
The NRP Group LLC, founded in 1995, is a full-service developer, general contractor, and property manager of multifamily, senior, and student housing throughout the United States. From start to finish, every development NRP Group works on is carefully contemplated and executed to maximize investment return cost efficiency, productivity and satisfaction. The NRP Group is recognized as a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and has been consistently ranked one of the Top 25 Developers by Multifamily Executive. The NRP Group LLC has offices in Cleveland, Ohio; San Antonio, Texas; Raleigh, North Carolina; Tampa, Florida; Buffalo, New York; New York, New York; Gaithersburg, Maryland; Dallas, Texas; Houston, Texas; Austin, Texas; Orlando, Florida and Detroit, Michigan, devoting significant resources to providing high-quality housing to residents. For additional information, visit www.NRPGroup.com.
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