The NRP Group, Canyon Partners, CIBC Bank USA Break Ground on South Tryon, a Multifamily Apartment Community in Charlotte, N.C.
February 9, 2023
CHARLOTTE, N.C. (February 9, 2023) – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in collaboration with Canyon Partners Real Estate (Canyon) and CIBC Bank USA, has officially broken ground on South Tryon, a market-rate community that will bring 310 apartments to Charlotte’s rapidly growing South End.
Canyon has provided a preferred equity investment to support the development of 3310 S. Tryon Street in conjunction with a senior construction loan from CIBC. South Tryon will be Canyon’s 7th preferred equity transaction with NRP. The five-story development will include a mix of one-, two-, and three-bedroom apartments. Den floor plans will be available for one-bedroom units to accommodate post-pandemic work-from-home trends.
“We are thrilled to bring this community to the vibrant South End neighborhood, which is quickly becoming one of Charlotte’s premier entertainment and business districts,” said Jason Mochizuki, Vice President of Development at The NRP Group. “NRP is grateful to have exceptional partners in Canyon Partners and CIBC that are committed, trusting, and believe in creating best-in-class housing for a growing number of residents in the community.”
South End is quickly becoming one of Charlotte’s preferred urban office cores, due to the proximity of lifestyle amenities and accessible parking options. As such, companies including Lowe’s, Lending Tree, DFA, and Allstate, have over 2.2 million square feet of office and 371,000 square feet of retail planned or under construction that will add to the existing 3.5 million square feet of office and 1.9 million square feet of retail.
In addition to ample employment opportunities, South Tryon will offer working professionals an easy commute to even the furthest of employment centers through its close proximity to the New Bern Light Rail Station and I-77, both a half mile away. Residents will also be less than five miles from the Charlotte Douglas International Airport and the Uptown and South Park neighborhoods.
A variety of activities found in the bustling South End neighborhood will be located less than a mile away from South Tryon, ideal for those who enjoy walking or biking to local attractions and small businesses. Residents will easily experience all that Charlotte has to offer, with exciting nightlife and live entertainment, trendy retail and dining options, the city’s iconic Rail Trail, renowned art galleries, and full-service grocers, all a short distance from the community.
South Tryon will offer residents a variety of amenities, including a movie and fitness center, co-working area, indoor bike room, club room and social area, dog wash and park, swimming pool, courtyards, and an outdoor dining and cooking area.
Canyon specializes in financing transitional real estate across asset classes, including ground-up development, lease-up projects, refinancings and recapitalizations. The firm has invested approximately $5.6 billion of debt and equity capital across more than 200 transactions over the last 10 years. The NRP Group expects South Tryon, its seventh community in the Charlotte area, to be completed in 2025.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 26,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental communities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing. The NRP Group has been named the 2021 NMHC #3 Top Multifamily Builder in the U.S. and #5 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #2 Top Affordable Housing Developer. The NRP Group is a winner of the National Association of Home Builders (NAHB) Multifamily Pillars of the Industry award for “Builder of the Year” and a three-time recipient of the “Development Firm of the Year.”
For additional information, please visit https://www.nrpgroup.com/
About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.0 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $17.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 31 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning.
To learn more, visit cibc.com/US