Build-to-rent community under construction in Ballantyne | Business

CHARLOTTE – Crescent Communities and Pretium announced the start of construction of HARMON Ballantyne, a 60-home build-to-rent community in Charlotte.

It is the second build-to-rent community under development as part of their commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets.

The development of both HARMON Ballantyne and its sister community NOVEL Ballantyne, a 285-unit multifamily community, underscores the return of Crescent Communities to the Ballantyne area.

“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,” said Tony Chen, managing director of single-family build-to-rent at Crescent Communities. “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.

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 and pocket parks.

HARMON Ballantyne will be located at 15825 Marvin Road and will be built by DRB Group, an affiliate homebuilder within the Sumitomo Forestry portfolio. The first units are expected to be available to rent in summer 2023.

“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.”

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