Canyon Partners Provides $14.8 Million Preferred Equity Investment for 266-Unit Multifamily Development in South Carolina
INDIAN LAND, SC – Canyon Partners Real Estate announced that it has provided a $14.8 million preferred equity investment in a joint venture with The Widewaters Group for the development of Parkstone at Indian Land, a Class-A, 266-unit, garden style residential community in Indian Land, S.C. Widewaters will lead development of the community, which is expected to begin occupying units in late 2023, with completion in mid-2024.
The investment marks the second joint venture between Canyon and Widewaters, and Canyon’s third investment in the greater Charlotte area in the last five months. Huntington National Bank provided the senior construction loan.
Indian Land, South Carolina is a rapidly growing suburb of the Charlotte MSA, located 15 miles south of Charlotte’s central business district and five miles south of the Ballantyne submarket on the border of North Carolina. Indian Land, the northernmost community in Lancaster County, has benefitted from the growth of the greater Charlotte region. As Charlotte’s growth trajectory has expanded to the south, Lancaster County has experienced outsized population growth of 31% from 2010 to 2021. Indian Land also benefits from proximity to three major suburban employment nodes, including Indian Land, which is home to Red Ventures headquarters, Ballantyne, and Fort Mill.
“As Charlotte continues its rapid growth trajectory, we anticipate continued strong demand for multifamily housing in the city’s suburbs, including Indian Land,” said Brian Long, Director of Development at The Widewaters Group. “Parkstone will provide well-located housing for residents seeking convenient access to nearby jobs, entertainment and retail options. We look forward to partnering with Canyon once again for this project.”
Interior units at Parkstone will feature modern finishes and appliances, full size washer/dryers and balconies. The community will include an extensive amenity package, such as a dog park, pet spa, car wash, scenic pond area, 24/7 mailroom with package delivery lockers, 24/7 fitness center and resort style pool.
SOURCE: CANYON PARTNERS