BAY HARBOR ISLANDS, FL - Origin Investments, a top-performing private real estate fund manager, and multi-strategy real estate development firm Kaplan Residential have formed a partnership to develop a 322-unit rental apartment and townhome community in Belmont, North Carolina. The $76 million multifamily community is the inaugural project between the firms, with Kaplan Residential operating as the fee developer.
When completed in late 2023/early 2024, the multifamily community, situated at 6900 Wilkinson Blvd., will feature a mix of one-, two- and three-bedroom apartments in three- and four-story buildings on the 39-acre site. Additionally, the development will incorporate 32 townhome units with private parking garages. Located directly along Charlotte’s Greenway, the property enjoys access to expansive walking, hiking, and biking trails.
“We are pleased to partner with the Origin Investments team as fee developers to bring this project and additional timely, build-to-rent concepts to life,” said Morris Kaplan, Founder and President of Kaplan Residential. “Together, we will produce developments that fit the rapidly-evolving renter demographics and deliver needed luxury amenities and expansive floorplans in the markets we serve.”
According to a recent study conducted by Origin Investments, Charlotte was identified as one of the nation’s top seven cities for multifamily asset investment and development. The Queen City ranked second in a three-way tie with Atlanta and Austin. Belmont has a projected population growth rate of 7,000 over the next two years and only 565 units in the planning process, furthering the need for this future development.
“We are excited for this investment, as it represents a tremendous opportunity to leverage Belmont’s continued growth as an increasingly desirable submarket with limited supply,” said David Welk, Managing Director of Acquisitions at Origin Investments. “The submarket’s 99-percent occupancy rate, a limited pipeline and a protracted approval process pave the way for continued strength in the market and strong performance for our investors.”
Amenities at the future apartment and townhome community, slated to break ground before year’s end, include a 7,500 square foot clubhouse, resort-style swimming pool, yoga studio, dog parks, top-of-the-line interior and exterior finishes, and more.
The development is located within Charlotte’s highly regarded school system, 15 minutes from the Charlotte Douglas International Airport, and 25 minutes from Uptown Charlotte. Further, Amazon’s new $200 million facility and Walter Ridge Office Park featuring headquarters for Belk, AT&T, Publix’s Charlotte Division, and UTC Aerospace are all located nearby.
About Origin Investments: Origin Investments is a private real estate manager that provides best-in-class real estate solutions for individual investors, family offices and advisors to build and preserve wealth. The firm builds, buys and finances multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.6 billion in real estate transactions and their principals have invested more than $60 million alongside their investors. Origin prides itself on offering unparalleled service to its investors and its performance ranks them in the top decile of the best performing private real estate fund managers ranked globally by Preqin, an independent provider of data on alternative investments. Origin is currently accepting new investors for its open Qualified Opportunity Zone, IncomePlus and Multifamily Credit Funds, which seek to provide tax efficiency, enhance portfolio yield, maximize growth and minimize portfolio volatility. To learn more, visit www.origininvestments.com
About Kaplan Residential: Kaplan Residential is a multi-strategy real estate development firm, with offices in Atlanta and Miami. The company focuses on the acquisition and development of innovative and timely multi housing and build-to-rent projects throughout the Southeast U.S. Since its inception in 1998, Kaplan Residential has developed thousands of rentals and for-sale units and has a pipeline of nearly $300 million in development.