**Spruce Properties Acquires Evolve at Parkway for $68.75M in Charlotte Metro Area**
Spruce Properties has acquired Evolve at Parkway, a newly-built, 300-unit garden-style multifamily community located in Concord, North Carolina, approximately 25 minutes north of downtown Charlotte. The property was purchased for $68.75 million.
Berkadia Charlotte’s Caleb Troop, Thomas Colaiezzi, and Matt Robertson led the transaction on behalf of the seller, Greensboro-based Evolve Companies. Laura Beaton of Berkadia Boston secured a $45 million acquisition loan through Fannie Mae on behalf of Spruce.
Constructed in 2023, the property is currently 98% leased and presents significant potential for rental growth. The community will be managed by New Urban Residential, a Spruce Properties affiliate.
Situated at 50 Fenway Place SW, Evolve at Parkway offers one-, two-, and three-bedroom luxury apartments, ranging from 776 to 1,411 square feet. Unit features include private balconies, and 32 ground-floor units offer private, fenced-in yards.
Residents enjoy a slate of upscale amenities, including:
– Saltwater swimming pool and pool house with a fireplace
– 24-hour fitness center with spin and yoga studio
– Pet wash station and on-site dog park
– Billiards room and business lounge
– Grilling pavilion
– 42 rentable garages
With its modern features and strong occupancy rate, Evolve at Parkway marks a strategic addition to Spruce Properties’ growing presence in the Southeast multifamily market.
