Crescent Communities and Pretium Announce Second Harmon Build-To-Rent Community In Growing Charlotte Market
CHARLOTTE, NC and NEW YORK (May 25, 2022) – Crescent Communities and Pretium today announced the closing of land for the development of HARMON Five Points, the fourth build-to-rent (BTR) community under development, and second community in Charlotte, as part of their previously announced joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. Construction for HARMON Five Points is expected to commence in June 2022 with first units slated to be delivered in early 2023.
“We are thrilled to announce our fourth development in partnership with Pretium and our second build-to-rent community in the Charlotte market,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Five Points will offer new construction housing supply to the Historic West End neighborhood, and as a result, will provide housing options in an infill setting to accommodate the migration and population growth that Charlotte has experienced over the past several years. This community highlights our commitment to growing strategically in Charlotte, and we look forward to sharing more updates soon.”
HARMON Five Points will be a 76-home BTR community, offering residents the option to rent three-bedroom townhomes with outdoor balconies, private garages, and driveways. Residents will have access to dedicated communal spaces such as a fire pit with outdoor lounge seating and a lawn area for gatherings and pets. The community is adjacent to Five Points Park, located two miles from Uptown, and is walking distance from the Gold Line Streetcar and Stewart Creek Greenway.
“In partnership with Crescent, we have already acquired land and are developing four BTR communities in the southern United States, including 323 homes, since forming our joint venture in September,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Crescent Communities shares our commitment to having a long-term, positive impact on our communities by developing new, quality, healthy homes for residents. By continuing to invest in desirable communities like HARMON Five Points, we are offering residents the choice to rent high-quality, single-family homes while increasing the supply of move-in ready homes across the country.”
HARMON Five Points will be located at 360 Seldon Drive, Charlotte, NC and will be built by DRB Group. Additional partners include lender Atlantic Union Bank, landscape architect LandDesign and architectural review by 505Design. Progress Residential, Pretium’s leading single-family rental management services platform, will provide leasing and property management services.
Additional details surrounding HARMON Five Points will be announced at a later date. A rendering is available here. Forthcoming imagery and logos are available upon request.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.
Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has more than $40 billion of assets and employs approximately 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.