NewStar Asset Management, a real estate-focused alternative investment and asset management company based in Atlanta, has launched NewStar Equity Lot Finance, a subsidiary business focused on investments in residential land development in partnership with select national homebuilders.
Through this business, NewStar has acquired 39 acres in Charlotte, North Carolina, in partnership with Red Cedar Development LLC that is being planned for development as a 126-townhome community known as Preservation Point. Clearing and sitework is expected to begin in the first quarter of 2024, with finished lots delivered for sale beginning in next year’s third quarter.
Prior to acquiring the property, NewStar and Red Cedar entered into a purchase agreement with a national homebuilder contracting for sale of the finished townhome lots.
“We are excited to launch this new vertical which is so complementary to NewStar’s overarching investment thesis for single-family housing”, said Boone DuPree, CEO of NewStar Asset Management. “Preservation Point meets our size and location targets within a market we know well, highly rated for single-family housing prospects, and where we are already actively developing. We look forward to starting construction in the first quarter with our partner, Red Cedar.”
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