VIENNA, Va.--(BUSINESS WIRE)--Middleburg Communities (“Middleburg”), a leading real estate investment firm focused on rental housing, today announced it has closed on a co-sponsored development opportunity with KDM Development. The project, West CLT, will be a 280-unit luxury Class A multifamily community located on Charlotte‘s booming westside.
Leveraging their combined five decades of experience in multifamily investment, development and management, Middleburg and KDM Development secured construction financing for the project from Trustmark Bank, with CIBC as a participant, and equity investment from Phoenix Capital Partners. This capital injection will transform 15.11 acres at 3309 West Blvd. into a luxury amenity-rich multifamily community across five buildings, with construction set to begin in September 2024.
“Our indirect investment platform allows us to leverage our decades of experience and trusted partnerships in co-GP opportunities,” said Ross Macdonald, principal of investments at Middleburg Communities. “West Charlotte’s strong fundamentals and growth drivers, combined with KDM Development's stability as a sponsor, make West CLT an attractive long-term investment. Our indirect investment platform allows us to offer future syndication partners an optimized product with sponsors who share the same interests, control and transparency across the entire value chain.”
West CLT’s strategic location, just five miles from Uptown Charlotte and 3.5 miles from South End, offers excellent accessibility to over 17,000 jobs and 4.5 million square feet of office space within a 10-minute drive. Its proximity to the West Boulevard Corridor Improvement Plan, a significant city initiative, further enhances its appeal. Charlotte's robust economy, evidenced by 3.8% net job growth since 2020 and the presence of six Fortune 500 company headquarters, provides a strong foundation for long-term rental demand and value appreciation. The city's diverse sectors, including finance, technology, and manufacturing, contribute to a stable and growing market for multifamily investments.
Peter Crossett, Vice President of KDM Development added: “We’re thrilled to be a beneficiary of Middleburg’s indirect investment platform where we can collectively leverage our expertise to create a powerful sponsorship. We’re both deeply attuned to the Charlotte market and its potential, and look forward to delivering an in-demand product that will serve the community for years to come.”
West CLT will feature one-, two-, and three-bedroom residences averaging 993 square feet. Amenities include a resort-style pool, state-of-the-art fitness center with yoga studio, dog park and pet spa, co-working spaces, package lockers and electric vehicle charging stations.
About Middleburg Communities
Middleburg is a leading real estate investment firm maximizing stakeholder value through a socially conscious, fully integrated approach to the acquisition, development, construction, and management of high-quality, attainable rental housing. With over two decades of multifamily sponsorship, Middleburg has acquired, developed, and financed more than 28,000 multifamily units, exceeding over $4.3 billion in transactions since 2004. For more information, please visit www.middleburgcommunities.com.
About KDM Development
In 1995, Ken Burnham, George DeGraca, and Jim Martin founded KDM Development. Their Business Plan was to buy, renovate, stabilize, and operate industry leading Manufactured Housing Communities. Over the last three decades, the trio has transacted on over $1 billion in Manufactured Housing Real Estate, with upwards of 12,000 Units Under Management at one time, making KDM one of the industry’s largest players at its peak.
Currently, KDM and its affiliated entities own and operate roughly thirty properties across more than a dozen states. In more recent years, KDM has pivoted to establish itself in the Class A Multifamily Development Industry. In 2021, KDM Development set Multifamily Asset Transaction Records in the Raleigh-Durham Triangle when it dispossessed of its 460 Unit Luxury Apartment Complex.
KDM Development is now presently overseeing one of the largest Multifamily Development Pipelines in the region with over $500M in New Assets Under Construction. This pipeline is overseen by its local Development Lead and Principal Kenyon Burnham, Vice President Peter Crossett, and Head of Construction Charles Hassinger.
