S2K Asset Management and Caprock have announced updates associated with their S2K Charlotte Multifamily OZ Fund development – a 350-unit (initial), 750-unit (ultimate) multifamily project in Charlotte, N.C.
First, the companies began a co-development partnership with Abacus Capital, a Charlotte-based real estate investor focused on the acquisition and development of differentiated commercial real estate across the Southeast United States. The firm’s principals – Wes McAdams, Mason Ellerbe, and Brick Bryant – have previously acquired or developed over 18 million square feet of commercial real estate with a total capitalization in excess of $4 billion. Abacus recently developed The Campbell and The 704 at The Quarter, two Class A multifamily communities bookending another Charlotte neighborhood.
Additionally, C Herman Construction started as general contractor for the project.
The companies said the project is on track with approved permits and the initial development of roads and utilities. S2K, Caprock, and Abacus are now in discussion with construction lenders with the goal of securing financing by the end of the year or into Q1 2025, as needed. Vertical development is also expected to begin during this timeframe.
According to the companies, Charlotte’s job market is projected to grow 50% by 2050 and, thus, demands 4,000 new apartment homes annually. The project aims to begin addressing that market need. Located steps from the Sugar Creek light rail station, the project offers residents public transportation connectivity and proximity to major employers and entertainment options.
S2K Asset Management is an alternative manager committed to an investor-first approach, emphasizing alignment of interests and transparency to better the client experience.
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