NEWSTAR to Develop New Single-Family Rental Neighborhood in Charlotte's Growth Area

NEWSTAR Announces Long Farm Development in Charlotte, NC

In an exciting move for the housing market in the Southeast, NEWSTAR has revealed their plans for a new single-family rental neighborhood named Long Farm. Situated on a 23-acre parcel along Harrisburg Road in Charlotte, North Carolina, this project is set to introduce 159 homes, significantly expanding NEWSTAR's portfolio in the area to over 500 single-family lots and residences across different stages of development.

Details on Long Farm

The new neighborhood will feature modern two-story duplex and triplex homes, designed with contemporary living in mind. Each unit will come equipped with attached garages and boast premium finishes which include Hardiplank facades, durable Stone Plastic Composite (SPC) flooring, elegant quartz countertops, framed mirrors, soft-close cabinetry, and stainless steel appliances. For added appeal, homes will be spacious, with approximately 1,650 square feet of living space, providing three comfortable bedrooms.

In addition to the individual homes, the Long Farm community plans to offer various amenities that cater to residents’ needs. This includes a resort-style pool, a clubhouse equipped with a fitness center, on-site management services, and a dog park to enhance the quality of life within the community. Boone DuPree, the CEO of NEWSTAR, expressed excitement about the new neighborhood, emphasizing that Long Farm represents the company's largest development to date.

Competitive Pricing

A notable aspect of the Long Farm development is its competitive pricing. NEWSTAR intends to offer these new homes at a significant discount compared to other newly constructed units in the region, many of which are priced well above $500,000. Given that there are more than 115,000 people living within a five-mile radius of the development—earning an average household income of approximately $100,000—this project is positioned to attract numerous potential renters.

Partnership and Financing

In this venture, NEWSTAR is collaborating with Red Cedar Homes, recognized as the fastest-growing private homebuilder in Charlotte. The financing for this project is facilitated through a construction loan from Ameris Bank, with equity arrangements structured by Patterson Real Estate Advisory Group to ensure a solid financial foundation as development proceeds.

Clearing and site preparation activities are expected to commence in the first quarter of 2025, with the anticipation that the first homes will be delivered in the initial half of 2026. This timeline outlines NEWSTAR’s commitment to timely project execution while maintaining quality and standards in design and construction.

Conclusion

With the addition of Long Farm, NEWSTAR continues its mission to improve housing accessibility in the Charlotte area. The focus on affordability, combined with quality construction and community amenities, places this new neighborhood at the forefront of the evolving housing landscape in North Carolina. As we await further developments, Long Farm stands as a beacon of opportunity for those seeking quality rental homes in a prime location.