NEWSTAR Announces New Charlotte Single-Family Rental Neighborhood
ATLANTA, GA -- NEWSTAR announced today that it has acquired 9 acres on Pleasant Grove Road in Northwest Charlotte and commenced development of a new single-family rental neighborhood that will feature 58 homes upon completion. The attached two-story homes will feature 100% end units with attached one-car garages in a mix of front- and rear-loaded plans. Market-leading interior finishes will include Hardiplank facades with brick accents, Stone Plastic Composite ("SPC") flooring throughout, Quartz countertops, framed mirrors, soft-close cabinetry, stainless steel appliances, walk-in showers, and sodded and fenced-in yards for all homes. NEWSTAR is partnering on the project with Red Cedar Homes.
“We are excited to add this new neighborhood to NEWSTAR's growing Stella Homes build-for-rent portfolio, which today totals more than 1,300 homes across completed and operational communities, communities under construction, and pipeline in pre-development," said Boone DuPree, Chief Executive Officer of NEWSTAR.
Construction loan financing and joint-venture equity was arranged by Patterson Real Estate Advisory Group. Hancock Whitney Bank is the construction lender.
Clearing and sitework is expected to begin in the third quarter of 2025 with first homes delivering in Summer 2026.
For more information, please contact info@newstar-am.com
Atlanta, GA
August 5, 2025
PR Newswire
ABOUT NEWSTAR:
NEWSTAR acquires, develops, owns and operates single-family residential communities across the Southeastern United States. NEWSTAR’s businesses span land acquisition and development, development of new, single-family rental subdivisions, and portfolio operations and asset management of stabilized communities with a long-term investment horizon. From sourcing land, to developing lots, to building and leasing homes for families in new rental communities with Class A finishes and amenities, NEWSTAR invests day in and day out to provide better housing for our communities.
For more information, please contact info@newstar-am.com.