CHARLOTTE, NC – Crescent Communities and Pretium announced the closure of land for the development of HARMON Five Points, the fourth build-to-let (BTR) community under development and second community in Charlotte, as part of of their previously announced joint venture and commitment to invest $1 billion in new construction single-family rental communities in 14 key strategic growth markets. Construction of HARMON Five Points is scheduled to begin in June 2022 with the first units expected to be delivered in early 2023.
“We are thrilled to announce our fourth development in partnership with Pretium and our second build-to-let community in the Charlotte market,” said Tony Chen, general manager of single-family rental construction at Crescent Communities. “HARMON Five Points will provide new construction housing supply to the historic West End 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 years. This community highlights our commitment to strategically growing 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 of renting three-bedroom townhouses with outdoor balconies, private garages and driveways. Residents will have access to dedicated common areas such as a fire pit with outdoor seating and a lawn for gatherings and pets. The community is adjacent to Five Points Park, located two miles from Uptown, and is within walking distance of the Gold Line trolley and the 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 the formation of 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 healthy, quality new homes for residents. By continuing to invest in desirable communities like HARMON Five Points, we are providing residents with the choice of rent-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. Other partners include lender Atlantic Union Bank, landscape architect LandDesign and architectural magazine 505Design. Progress Residential, Pretium’s leading single-family rental management services platform, will provide rental and property management services.