Spruce Properties has acquired Evolve at Parkway, a newly constructed 300-unit multifamily property in Concord, North Carolina, for $68.75 million, marking a strategic investment in a rapidly growing market.

Information on the Target

Evolve at Parkway is a newly constructed 300-unit garden-style multifamily property situated in Concord, North Carolina, approximately 25 minutes from downtown Charlotte. Developed in 2023, the property stands out with its modern amenities and has reached a leasing rate of 98%, indicating strong demand and offering significant potential for rental growth.

The asset was acquired by Spruce Properties for $68.75 million and features luxury apartments that include one-, two-, and three-bedroom homes with sizes ranging from 776 to 1,411 square feet. The units are designed with nine-foot ceilings, walk-in closets, gourmet kitchens fitted with stainless steel appliances, and private balconies. Additionally, 32 ground-floor units come with private fenced-in yards, catering to the needs of pet owners.

Industry Overview in North Carolina

The multifamily sector in North Carolina, particularly in cities like Charlotte, is experiencing robust growth driven by several factors. The state has become an attractive destination for real estate investments due to its strong job market,