Crowdfunded SouthPark townhouse project to launch kickoff event

A townhouse community in SouthPark is launching a kickoff event this weekend.

SouthPark City Homes, by Charlotte developer Saratoga Asset Management and Charlotte custom homebuilder Alan Simonini Homes, will include 26 townhouses on a 2.6-acre site at the intersection of Fairview and Closeburn roads. The project, by architect Bassenian Lagoni of Newport Beach, Calif., is expected to be built in two phases, with the first phase to include 15 units.

The SouthPark City Homes kickoff event will be 11 a.m. to 1 p.m. April 30 at Reid’s Fine Foods’ SouthPark location.

Townhouses will be two-, three- and four-bedroom units, at 3,000 square feet. Each house will include a two-car attached garage, energy-efficient appliances, tankless water heaters and a three-zone HVAC system, as well as optional features, including an elevator or a covered balcony.

Prices for the units in Phase One will be $590,000 to $725,000. Phase One will break ground in June and Phase Two will break ground by the end of the year.

Saratoga Asset Management used crowdsourcing to help raise capital, a fairly new way to source capital for Charlotte real estate projects. The developer worked in conjunction with FullCapitalStack, a Charlotte real-estate crowdfunding platform by QuietStream Financial, to raise $1.7 million in preferred equity.
The project was fully funded as of Aug. 31, with an estimated return rate of 23%, according to FullCapitalStack’s website. More than half of the 31 investors were from Charlotte, with the average investment around $50,000.

Other listed Charlotte FullCapitalStack projects include a townhouse development by The Drakeford Company and an office building by Columbus Nova MB.

Other current projects by Simonini and Saratoga Asset Management include a seven-home infill development in Eastover, near the corner of Huntley Place and Providence Road. Real estate consulting firm The Littlejohn Group is working with Saratoga and Simonini on that project, and Smith Slovik Residential Design Group is the architect. Construction is underway on that townhouse development, which is now pre-selling.

Written by Ashley Fahey who covers real estate and development for the Charlotte Business Journal.