NEWSTAR Unveils Exciting Neighborhood Development
Today, NEWSTAR has taken a significant step in its expansion efforts by securing 23 acres on Harrisburg Road for a fresh single-family rental project. This new community, slated to be known as Long Farm, will introduce 159 homes to the market, further contributing to NEWSTAR's growing portfolio in Charlotte.
Partnerships and Development Strategies
To execute this project, NEWSTAR has teamed up with Red Cedar Homes, a notably dynamic homebuilder recognized for its rapid growth in the area. Leveraging the operational expertise of its Stella Homes platform, NEWSTAR aims to streamline the development, creating a modern residential environment that aligns with current housing needs.
Project Features and Amenities
Upon its completion, Long Farm will boast spacious two-story duplexes and triplexes, all featuring attached garages and high-quality finishes. Each home will include Hardiplank exteriors, durable Stone Plastic Composite flooring, beautiful Quartz countertops, and numerous upscale fixtures—ensuring a luxurious living experience. Families will also appreciate the thoughtfully designed amenities such as a resort-style pool, a fully equipped fitness center, and a dog park—all aimed at fostering a vibrant community atmosphere.
Market Positioning and Affordability
According to Boone DuPree, the Chief Executive Officer of NEWSTAR, this development represents the company’s largest neighborhood initiative to date. With an intention to provide homes at costs that are significantly lower than new constructions in the vicinity—where property prices often exceed $500,000—NEWSTAR aims to cater to the essential demographic. This area boasts over 115,000 residents within a 5-mile radius, many of whom have an average household income nearing $100,000.
Financing and Construction Plans
The financial backing for this project has been orchestrated through Patterson Real Estate Advisory Group, facilitating both construction loan financing and joint-venture equity. Ameris Bank has stepped in as the construction lender, underscoring the financial confidence in this promising development.
Looking Ahead
Anticipation builds as site preparation and clearing work are scheduled to commence in the upcoming months. The first residences in Long Farm are expected to be available by the first half of the following year, paving the way for families to enjoy their new homes.
Get in Touch
For those seeking more information on this exciting development, NEWSTAR encourages interested parties to reach out via email at info@newstar-am.com. Their dedicated team is eager to provide further insights on the Long Farm project and its offerings.
Frequently Asked Questions
What is the Long Farm project about?
The Long Farm project is a new single-family rental neighborhood developing 159 homes in Charlotte, aimed at enhancing the local housing market.
Who is partnering with NEWSTAR on this project?
NEWSTAR is collaborating with Red Cedar Homes, a rapidly growing private homebuilder in the Charlotte area.
What amenities will Long Farm offer?
The community will feature a pool, fitness center, dog park, and high-quality home finishes to ensure a comfortable living environment for residents.
When is the completion date for the homes in Long Farm?
Initial construction is set to begin soon, with the first homes expected to be ready for occupancy in the first half of the upcoming year.
How does this project aim to be affordable?
NEWSTAR is committed to offering homes at prices significantly lower than the local market average, providing more accessible housing options for the community.
