Strategic Charlotte-Area Acquisition Expands Southeast Growth Platform<\/h2>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
A Premier Asset in a High-Growth Market<\/h2>\n
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.<\/p>\n
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.<\/p>\n
The Power of Strategic Partnerships<\/h2>\n
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.<\/p>\n
The acquisition aligns with our long-term investment strategy of targeting high-growth markets supported by strong economic fundamentals and durable housing demand.<\/p>\n
Creating Long-Term Value<\/h2>\n
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.<\/p>\n
Our team remains committed to enhancing the resident experience, preserving asset quality, and delivering strong performance for our investment partners.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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… <\/p>\n