A joint venture of Canyon Partners and the NRP Group is developing a transit-oriented multifamily development in Charlotte, N.C. The property, Abernethy Lofts, will be a 392-unit Class A multifamily community in Charlotte’s North Davidson, or NODA, arts and entertainment district.
Canyon furnished $35.9 million of LP equity for the development, which will be developed in a qualified Opportunity Zone. Construction of Abernethy Lofts is anticipated to commence immediately, though the apartment community is slated for completion by early 2026.
The project is situated steps from the Sugar Creek LYNK Blue Line tail station in NODA. Corporate moves and expansions in Charlotte have swelled the city’s employee base and increased demand for luxury multifamily housing. The nearby public transportation will allow residents to travel quickly and conveniently to the area’s primary job hubs, which include Uptown Charlotte, South End and University City.
Modern features and amenities
Totaling 344,339 square feet in size, Abernethy Lofts will feature an amenity package including work-from-home conference pods and structured parking for 509 vehicles. Apartments will include ENERGY STAR-rated appliances and Wi-Fi-enabled “smart” thermostats.
NRP Group has partnered with Canyon on three other Charlotte developments, most recently South Tryon in the city’s South End. Earlier this month, Waypoint Residential secured $30 million in construction financing to develop Mountain Island, a 240-unit Charlotte multifamily community.
