<\/p>\n Spruce Properties – New Urban Residential Expands in the Charlotte Market with $68.75 Million Acquisition of Evolve at Parkway <\/span><\/span><\/b><\/p>\n <\/p>\n 300-Unit Class A Multifamily Asset in Charlotte Suburb Concord, North Carolina<\/span><\/span><\/i><\/span><\/p>\n _______________<\/i><\/span><\/p>\n New York, NY<\/span><\/strong> – June 12, 2025 – Spruce Properties is pleased to announce the acquisition of Evolve at Parkway, a new 300-unit, garden-style multifamily property located in Concord, North Carolina, approximately 25 minutes north of downtown Charlotte. <\/span><\/p>\n Spruce Properties, a vertically integrated real estate firm focused on the acquisition, repositioning, and asset management of multi-family housing assets nationally, acquired the asset for $68.75 million. The property, constructed in 2023, is currently 98% leased and provides significant opportunity for rental growth. <\/span><\/span><\/p>\n "This is a best-in-class property in a submarket that continues to outperform,” said Robert Schwartz, co-founder of Spruce Properties. “We are thrilled to capitalize on this rare opportunity to buy an institutional-quality, brand new asset below replacement cost in a rapidly growing submarket with limited new supply."<\/span><\/span><\/p>\n Spruce’s business plan focuses on maximizing income and improving operational efficiency through its affiliated management company, New Urban Residential.<\/span><\/span><\/span><\/p>\n “As a fully unified platform working in tandem with Spruce Properties, we’re uniquely positioned to unlock the full potential of this asset,” said Seth Wolfman, Spruce Properties partner and Founder of New Urban Residential. “Evolve at Parkway holds enormous potential, and we plan to enhance both resident experience and investment performance through operational enhancements and strategic capital improvements."<\/span><\/span><\/p>\n Charlotte is one of the most attractive markets for multifamily investment in the country, with robust job growth, steady in-migration and a diversified economy. Concord is distinguished by its compelling fundamentals, including diverse economic anchors, such as top-tier school districts, natural housing supply constraints, sustained rent growth, and major employers such as NASCAR, Eli Lilly, Amazon, and UNC-Charlotte. <\/span><\/span><\/p>\n "This acquisition represents a key milestone in our strategic pivot toward high-growth Sunbelt markets,” Zachary Neugut, Head of Investments at Spruce Properties. “Charlotte—and Concord in particular—<\/span><\/span> exemplifies the economic strength and market fundamentals we aim to target as part of our long-term investment approach<\/span><\/span>."<\/span><\/span><\/p>\n Located at 50 Fenway Pl SW, Evolve at Parkway offers luxury one-, two-, and three-bedroom apartment homes ranging from 776 to 1,411 square feet. Individual apartments offer nine-foot ceilings, walk-in closets, gourmet kitchens with stainless steel appliances, and private balconies. Private fenced-in yards are also available in 32 ground-floor units. The pet-friendly community amenities include a resort-style saltwater pool, covered outdoor pool lounge area with a fireplace and television, 24-hour fitness center with spin and yoga room, pet wash and on-site dog park, billiards room, business lounge, grilling pavilion, playground and 42 rentable garages. <\/span><\/p>\n Berkadia, a distinguished leader in the commercial real estate sector, arranged the sale and <\/span><\/p>\n financing. Senior Managing Director Caleb Troop, Director Thomas Colaiezzi, and Associate Director Matt Robertson of Berkadia Charlotte led the sale on behalf of the seller, Evolve Companies of Greensboro, North Carolina.<\/span><\/p>\n “Evolve at Parkway presented an opportunity to acquire a brand-new, high-quality asset with unique features in a market defined by top-rated schools, high-income earners and high barriers to entry for other multifamily operators,” said Troop. <\/span><\/p>\n Managing Director Laura Beaton of Berkadia Boston secured a $45 million acquisition loan through Fannie Mae at a 5.37% interest rate on behalf of Spruce Properties. The deal closed on June 12, 2025.<\/span><\/p>\n <\/p>\n About Spruce Properties and New Urban Residential<\/b><\/span><\/p>\n <\/p>\n Spruce Properties is the multifamily equity investment arm of Spruce Capital Partners, a privately held, New York-based real estate investment firm <\/span>founded by Robert Schwartz and Joshua Crane<\/span>. As a fully integrated multifamily operator, Spruce Properties is focused on long-term value creation, targeting properties that provide stable cash flows, reliable risk-adjusted returns, and tax-efficient structures for investors. Currently, Spruce Properties owns 5,000+ units valued at over $500 million, with a portfolio focused on the Midwest and expanding into the Southeast. Spruce Properties, and it’s affiliated management company, New Urban Residential, work in tandem to deliver strong results. <\/span><\/p>\n <\/p>\n Media Contact: Shea Communications LLC<\/span><\/p>\n George Shea, (917) 584-0988, [email protected] <\/p>\n About Berkadia<\/b>®:<\/b><\/span><\/p>\n Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. <\/span><\/p>\n <\/p>\n To learn more about Berkadia, please visit www.berkadia.com<\/span><\/a>.<\/span><\/p>\n <\/p>\n Media Contact: Revelie on behalf of Berkadia Real Estate Advisors LLC, <\/span><\/span>Melinda Sherwood, <\/span><\/span>[email protected]<\/a><\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Spruce Properties – New Urban Residential Expands in the Charlotte Market with $68.75… <\/p>\n![](\"https:\/\/www.newurbanresidential.com\/blog\/wp-content\/uploads\/sites\/8078\/2026\/05\/cmw-inline-12-6a0c744fedfd49.59536039.jpg\")
![](\"https:\/\/www.newurbanresidential.com\/blog\/wp-content\/uploads\/sites\/8078\/2026\/05\/cmw-inline-12-6a0c74506ef484.04452019.jpg\")
<\/span><\/p>\n
\n Kinsey Watson, (929) 696-4580, [email protected]<\/a><\/p>\n
{"id":12,"date":"2025-06-12T14:30:00","date_gmt":"2025-06-12T14:30:00","guid":{"rendered":"https:\/\/www.newurbanresidential.com\/blog\/2025\/06\/12\/spruce-properties-new-urban-residential-expands-in-the-charlotte-market-with-68-75-million-acquisition-of-evolve-at-parkway\/"},"modified":"2026-05-19T16:17:29","modified_gmt":"2026-05-19T16:17:29","slug":"spruce-properties-new-urban-residential-expands-in-the-charlotte-market-with-6875-million-acquisition-of-evolve-at-parkway","status":"publish","type":"post","link":"https:\/\/www.newurbanresidential.com\/blog\/2025\/06\/12\/spruce-properties-new-urban-residential-expands-in-the-charlotte-market-with-6875-million-acquisition-of-evolve-at-parkway\/","title":{"rendered":"Spruce Properties \u2013 New Urban Residential Expands in the Charlotte Market with $68.75 Million Acquisition of Evolve at Parkway"},"content":{"rendered":"