Crescent Communities and Pretium have announced the start of construction of HARMON Ballantyne, the second build-to-rent (“BTR”) community under development as part of their previously announced joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets.
HARMON Ballantyne will be a 60-home BTR community in Charlotte, North Carolina, located 13 miles south of the city’s central business district. The development of both HARMON Ballantyne and its sister community NOVEL Ballantyne, a 285-unit multifamily community, underscores the anticipated return of Crescent Communities to the Ballantyne area, which has experienced noticeable growth over the years and is known for its luxury real estate, shopping, dining, schools, and recreation opportunities. The community will offer residents the option to rent three-bedroom townhomes with two-car garages and will feature interactive amenity spaces – such as dedicated walking trails, pocket parks, and more – to encourage residents to fully immerse themselves into the neighborhood.
“We are thrilled to announce our second development in partnership with Pretium and our first build-to-rent community in the Charlotte market,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Ballantyne will provide Charlotte residents the opportunity to lease brand new townhomes in a highly sought-after neighborhood without the long-term commitment and unexpected maintenance of homeownership. This transaction highlights the strategic advantage our platform has in sourcing investment opportunities in highly desirable locations with a mix of product types through the various platforms and brands that Crescent Communities offers. In addition, we can deliver high quality product through our partnership with the Sumitomo Forestry portfolio of homebuilders.”
“HARMON Ballantyne is the next step in our partnership with Crescent Communities to substantially invest in building quality, affordable homes for our communities while providing the flexibility and convenience of the home rental lifestyle,” said Matt Johnston, Managing Director, Head of Build-to-Rent at Pretium. “Ballantyne is one of Charlotte’s most sought-after neighborhoods, and we look forward to benefiting from the significant growth expected from commercial investments and developments currently under construction in the area. Residents are increasingly seeking the choice to rent or own high-quality, single-family homes across the city, and HARMON Ballantyne will deliver affordable access to a highly desirable submarket. The Pretium and Crescent Communities partnership is committed to addressing the supply shortage of quality, affordable housing in the U.S.”
HARMON Ballantyne will be located at 15825 Marvin Road and will be built by DRB Group, an affiliate homebuilder within the Sumitomo Forestry portfolio, which is also building the venture’s first BTR community, HARMON Foxbank. The joint venture purchased the land in November 2021 and the first units are expected to be available to rent in summer 2023.