NewStar Exchange Acquires Newly Constructed Built-to-Rent ("BTR") Community in Charlotte, North Carolina and Launches New 1031 Delaware Statutory Trust Offering
Atlanta, GA – NEWSTAR Exchange, a subsidiary of NEWSTAR, announced today that it has acquired Hadley Crossing by Stella Homes, a single-family rental subdivision located in Charlotte, North Carolina, and launched a new Delaware Statutory Trust offering for accredited investors seeking to complete like-kind exchanges under IRC Section 1031.
The property was developed by NEWSTAR and features 44, 4-bedroom detached homes with two-car attached garages. All homes feature Hardiplank facades, Quartz countertops, stainless steel appliances, Stone Plastic Composite ("SPC") floors, soft-close cabinetry, walk-in showers, framed mirrors, and sodded and fenced-in yards. NEWSTAR Exchange acquired the property on behalf of Newstar 14 Hadley Crossing, DST.
"Hadley Crossing is NEWSTAR's fourth DST offering, continuing to grow our Exchange program which has successfully closed out three programs to-date, raising more than $50 million of equity in partnership with our broker-dealer, Preferred Capital Securities," said Boone DuPree, Chief Executive Officer of NEWSTAR. "This single-family rental neighborhood was developed by NEWSTAR, meeting our site selection criteria, built to our specifications, and managed to our leasing requirements. The property reached stabilization within less than 8 months, achieving the #3 highest build-to-rent rental rates in the Charlotte market, with an average household income of more than $200,000. We are excited to launch this new offering for accredited investors completing tax-deferred exchanges, and to partner once again with PCS as our managing broker-dealer."
Newstar 14 Hadley Crossing, DST is financed with a first mortgage through Fannie Mae, offering 43% leverage to DST investors on the offering's syndicated basis, and seeks to raise approximately $14 million in equity from accredited investors. The offering is being distributed by Preferred Capital Securities in accordance with Rule 506(c) of Regulation D of the Securities Act.
Atlanta, GA
Thursday, December 19, 2024
PR Newswire
Read the full article here
ABOUT NEWSTAR EXCHANGE:
NewStar Exchange is a subsidiary of NEWSTAR that sponsors Delaware Statutory Trust investments for Section 1031 exchange and cash investors. The Company primarily targets high quality build-to-rent housing communities in growing suburban locations of the United States “Sun Belt”.
For more information, please visit www.newstar-am.com.
ABOUT PREFERRED CAPITAL SECURITIES (“PCS”):
PCS (Member FINRA/SIPC) is a fully independent, third-party Managing Broker Dealer focused on both back-office solutions and the wholesale distribution of alternative investments to Independent Broker-Dealers (IBDs) and Registered Investment Advisors (RIAs) across the United States and Puerto Rico. PCS is currently the Managing Broker Dealer of NewStar Exchange, the Preferred Stock offering for Prospect Capital Management (NASDAQ: PSEC), The Priority Income Fund, and WhiteHawk Income Corporation. With a track record that empowers their partners to embark with confidence, PCS is proud to have raised over $3 Billion in retail capital across 8 offerings which have issued approximately $1 Billion in liquidity for its investors since the firm’s inception in 2011.
To learn more about PCS please visit
www.pcsalts.com
Contact: NewStar1031@pcsalts.com
