NEWSTAR announced recently that it has acquired 9 acres on Pleasant Grove Road in Northwest Charlotte and commenced development of a new single-family rental neighborhood that will feature 58 homes upon completion. The attached two-story homes will feature 100% end units with attached one-car garages in a mix of front- and rear-loaded plans. Market-leading interior finishes will include Hardiplank facades with brick accents, Stone Plastic Composite (“SPC”) flooring throughout, Quartz countertops, framed mirrors, soft-close cabinetry, stainless steel appliances, walk-in showers, and sodded and fenced-in yards for all homes. NEWSTAR is partnering on the project with Red Cedar Homes.
“We are excited to add this new neighborhood to NEWSTAR’s growing Stella Homes build-for-rent portfolio, which today totals more than 1,300 homes across completed and operational communities, communities under construction, and pipeline in pre-development,” said Boone DuPree, Chief Executive Officer of NEWSTAR.
Construction loan financing and joint-venture equity was arranged by Patterson Real Estate Advisory Group. Hancock Whitney Bank is the construction lender.
Clearing and sitework is expected to begin in the third quarter of 2025 with first homes delivering in Summer 2026.
Brightwild & Clover announce opening of Luxury Townhomes in Clearwater Beach
MetaHomes announces Free Property Listings on its online Real Estate Marketplace for its Customers
bnbfinder announces collaboration with Streamline Vacation Rental Software
