Strategic Charlotte-Area Acquisition Expands Southeast Growth Platform
New Urban Residential is proud to celebrate the successful acquisition of Evolve at Parkway, a premier 300-unit multifamily community in Concord, North Carolina, made possible through the expertise and execution of Berkadia's investment sales and mortgage banking teams.
Berkadia recently announced the completion of the $68.75 million sale and financing of Evolve at Parkway, one of the Charlotte region's newest and highest-quality apartment communities. The transaction was led by Berkadia's Charlotte Investment Sales team, while Berkadia's Mortgage Banking division secured a $45 million Fannie Mae acquisition loan on behalf of Spruce Properties.
This acquisition represents a significant milestone in the continued growth of Spruce Properties and New Urban Residential as we strategically expand our presence throughout the Southeast.
A Premier Asset in a High-Growth Market
Built in 2023 and approximately 98% leased at the time of acquisition, Evolve at Parkway is a best-in-class multifamily community offering luxury apartment homes and an extensive amenity package in one of the fastest-growing submarkets in the Charlotte metropolitan area.
Located in Concord, North Carolina, the property benefits from strong population growth, excellent schools, major employment centers, and limited future housing supply—creating an ideal environment for long-term multifamily investment.
The Power of Strategic Partnerships
This transaction highlights the importance of working alongside industry-leading partners. Berkadia's ability to successfully execute both the sale and financing of the asset helped position Spruce Properties and New Urban Residential to capitalize on a rare opportunity to acquire a newly constructed, institutional-quality community below replacement cost.
The acquisition aligns with our long-term investment strategy of targeting high-growth markets supported by strong economic fundamentals and durable housing demand.
Creating Long-Term Value
As the management platform for the property, New Urban Residential is focused on maximizing the potential of Evolve at Parkway through operational excellence, resident-focused initiatives, and strategic asset management.
Our team remains committed to enhancing the resident experience, preserving asset quality, and delivering strong performance for our investment partners.
We extend our congratulations and appreciation to Berkadia, Spruce Properties, and all parties involved in bringing this transaction to a successful close. Evolve at Parkway represents an exciting addition to our growing portfolio and reinforces our confidence in the future of the Charlotte market.
As we continue to pursue new opportunities throughout the Southeast, partnerships like these position us to create lasting value for residents, investors, and stakeholders alike.