RealtyMogul: West End Place

The real estate investment platform RealtyMogul announced opening the pledging window for an equity investment in the ground-up development of a build-to-rent community in Charlotte, North Carolina.

The 83-unit West End Place development will begin construction project in April. West End Place represents a rare opportunity to build in an area with high barriers to entry. With over a hundred people migrating to Charlotte daily, the housing supply has been unable to keep up, driving a supply-and-demand imbalance. West End Place is located in Charlotte’s West End neighborhood, where from 2015 to 2020 single-family homes appreciated by over 142%.

The development site recently was rezoned to residential. The project is in an opportunity zone, which offers investors potential tax benefits including the deferral of capital gains until Dec. 31, 2026, and the potential elimination of taxes on new capital gains if the investment is held for at least 10 years. 

All units in the project will have two-car garages, private outdoor spaces and high-end finishes, including quartz or granite countertops, walk-in closets, vinyl flooring and high-quality carpet. Amenities include a swimming pool, fitness center, leasing office and landscaped green areas with grilling stations. A walking trail leading to nearby restaurants and bars is connected to the development. 

• Minimum investment: $35,000
• Target internal rate of return (IRR): 22.9%
• Target equity multiple: 3.14x
• Target cash yield: 11.9%
• Target investment term: 10 years

Gordon Road Capital is the sponsor of this offering and will be managing the development throughout the holding period. The group was founded with the goal of pursuing the most compelling development opportunities in the Southeast region. Golden Road Capital Chairmen Brian Coulter and Rob Stewart each have over 38 years of experience. They’ve executed over 235 investments and developed over 80 projects.

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Photo courtesy of RealtyMogul

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