FCP, Crosland Southeast To Begin Mixed-Use Project Charlotte – Multifamily Real Estate News

The exchange at Indian Land. Rendered courtesy of G4 Architectural Services LLC

A joint venture of FCP and Southeast Crosland acquired 158 acres near Charlotte, North Carolina, and pioneered The Exchange at Indian Land Apartments, a mixed-use development in Indian Land, South Carolina that will include a three- and four-story residential community with 400 apartments and 35 000 square feet of retail space.

The first apartments are expected to be delivered in early 2024. The planned development will also include a new mall anchored by the Lowes Food grocery store and 20,000 square feet of retail space. In addition to FCP and Crosland Sud-Est, a national manufacturer Taylor Morrison will build over 300 townhouses under the master plan.

FCP Senior Vice President Alex Cathcart, who heads the Raleigh, North Carolina office, said in a prepared statement that The Exchange at Indian Land will provide much-needed apartments in a rare walkable environment, close to shopping centers. employment and retail businesses.

Indian Land, located approximately 20 miles from Uptown in Charlotte, is one of Charlotte’s fastest growing suburbs. It has highly rated schools and an excellent quality of life. The Exchange at Indian Land apartments will be built at Charlotte Highway and Possum Hollow Road and will provide direct access to major employers including Red Ventures, Continental Tire, Movement Mortgage and the future MUSC Hospital. The site is also just south of the Ballantyne, North Carolina area, also a growing suburb of Charlotte that is home to more than 40,000 jobs. The exchange at Indian Land will also be adjacent to a newly opened YWCA that features an indoor pool, after-school daycare, walking tracks and ball diamonds.

The development has been in the planning stages for nearly two years, according to Yates Dunaway, senior vice president at Crosland Southeast. Yates said in prepared remarks he expects the project to be similar to previous Crosland developments with a mix of uses designed to create an attractive environment for future residents and neighbours. The Charlotte-based company is a longtime developer of retail and mixed-use projects, including Waverly, a 90-acre mixed-use development in Charlotte with approximately 250,000 square feet of retail space as well as restaurants, residences, offices, medical practices and hotels. offerings.

FCP activity

Based in Chevy Chase, Maryland, FCB is a private real estate investment firm that has invested or funded more than $9.3 billion in assets since 1999. FCP invests directly and with operating partners. Last month, FCP acquired Park 35 Apartments in Decatur, Georgia for $40.5 million. The previous owner of the 304-unit garden-style property was Faros Properties, according to Yardi Matrix data.

Over the past several months, FCP has also partnered with several other companies on multifamily communities across the United States. FCP joined Mill Creek Residential Trust to add 800 apartments to the Academic Village Master Plan in Broward County, Florida in July.

Also in July, FCP acquired its third Colorado asset through a $114 million joint venture with BMC Investments that recapitalized the 461-unit Aurora Meadows in Aurora, Colorado.

FCP entered the Austin market in June with another company, VaultCap Partners. The two companies acquired Huntington Meadows, a 200-unit multi-family community in an off-market transaction that did not disclose the sale price or seller.

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