Charlotte’s own Crescent Communities has just announced plans to invest over $1 billion in a new build-to-rent community concept in major sun belt cities. Their first project will be in Charleston, followed closely by a large-scale development in Charlotte.
“Single-family build-to-rent allows Crescent Communities to be a part of the solution to the tremendous under-supply of rental housing in the U.S., and this partnership enables us to develop more than 3,000 new rental homes,” said Tony Chen, Managing Director of Crescent Communities’ new HARMON brand.
The first community will consist of 109 townhomes, located 25 miles from downtown Charleston in the town of Moncks Corner, SC, and will be called ‘HARMON Foxbank’. Construction is slated to begin in October 2021 with first units available to rent in early 2022.
Here in Charlotte, the company is planning a 300-townhome HARMON development either in Ballantyne, north Charlotte, or Gastonia, according to Chen. They hope to break ground on the Charlotte community sometime next year.
According to a press release from the company, they hope to give “a gateway opportunity to owning homes in great neighborhoods” and are promised to offer “privacy, extra space, and sense of community pride – without the friction of homeownership.”
What do you think about the new build-to-rent concept?