Sterling Equities, (Sterling), a fully-integrated investment firm with holdings in real estate, media and sports, and Eden Multifamily, (EDEN), a residential development and investment firm, announced they will develop a new townhome rental community located in the Steele Creek community of South Charlotte, North Carolina in partnership with Peakline Real Estate Funds, (PREF), a private real estate investment firm based in Chicago.
The Sterling, EDEN and PREF joint venture recently closed on the acquisition of a 23-acre development site in the heart of the Steele Creek neighborhood, comprised of three parcels and a portion of a fourth parcel. The joint venture will now embark on the construction of Eden Steele Creek, a new luxury townhome community featuring 187 residential units upon completion.
Sterling and EDEN first announced their strategic partnership in 2022 with plans to expand its multifamily investment platform throughout the Southeast. Eden Steele Creek will be a signature development for the partnership that will also deliver a much-needed new luxury townhome living option to the South Charlotte market.
“Sterling’s new luxury townhome development with EDEN and PREF will be a prominent addition to our development portfolio as we expand our presence in the Southeast,” said Todd Katz, Partner, Sterling Equities. “We look forward to commencing construction on Eden Steele Creek, which will offer an attractive rental option to South Charlotte residents seeking newly built townhomes with exceptional lifestyle amenities.”
“EDEN Steele Creek will offer the kind of high-end features and quality finishes that residents expect, along with an ideal location in one of the area’s most desirable suburban neighborhoods,” adds Scott Phillips, Eden Senior Vice President Mid-Atlantic Development. “The demand for luxury housing product in Charlotte remains strong and this new development will be a showcase of the Sterling and EDEN joint venture’s ability to deliver superior residential communities in high-growth markets.”
The well-located development is positioned at the intersection of major local transportation corridors Steele Creek Road and South Tryon Road and will be built adjacent to Atrium Emergency Hospital. Eden Steele Creek also sits 12 miles from downtown Charlotte and 9 miles from Charlotte Douglas Airport, with access to the I-485 beltway nearby.
A JLL Carolinas team comprised of Taylor Allison, Casey Sherman and Alexis Kaiser arranged the equity for the transaction.
