ATLANTA, Oct. 24, 2024 /PRNewswire/ — NEWSTAR announced property transactions today in Charlotte, North Carolina planned for development of two new single-family rental communities to be operated under NEWSTAR’s Stella Homes brand. NEWSTAR is partnering on the projects with Red Cedar Homes, a leading Southeast homebuilder and land developer.

Once complete, these communities will feature 72 three-story townhomes with attached garages and market-leading finishes including Hardiplank exterior facades, Stone Plastic Composite (“SPC”) flooring, Quartz countertops, framed mirrors, walk-in showers, and sodded and fenced-in yards. Finished homes will offer three bedrooms across 1,700 – 1,800 square feet of heated living area.

“These new rental subdivisions in NoDa and East Charlotte expand NEWSTAR’s Charlotte portfolio to 345 current or future homes across six active developments, with several more in the pipeline,” said Boone DuPree, Chief Executive Officer for NEWSTAR. “Charlotte continues to be a top performer in terms of population and job growth, and we are positioning our communities, under the Stella Homes brand, to offer best-in-class family housing alternatives to traditional apartment and for-sale options. Our recently delivered Hadley Crossing community is proof of concept, reaching 98% leased within 8 months of final certificate of occupancy, and commanding some of the highest rents in the Charlotte market.”

“We are excited to continue a great relationship with NEWSTAR by adding these two new communities to our collective portfolio,” said Jon Grabowski, CEO of Red Cedar Capital Partners. “Red Cedar looks forward to delivering these high-end neighborhoods in our home market.”

Construction loan financing and joint-venture equity was arranged by Patterson Real Estate Advisory Group. Ameris Bank is the construction lender.

Clearing and sitework is expected to begin this quarter with homes delivering starting in the fourth quarter of 2025.

For more information, please contact [email protected].

SOURCE NewStar Asset Management

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