Loci Capital, Canvas Residential to develop Charlotte townhome rental community

Funds controlled by Loci Fund II GP, LLC, an affiliate of Loci Capital Group, private real estate fund manager, has structured a joint venture with Canvas Residential to develop an 82-unit townhome rental community in the University submarket of Charlotte, N.C.

“We believe a unique opportunity exists in Charlotte due to the undersupply of new, rental townhomes in desirable neighborhoods,” said Garrett Francis, managing principal and head of capital markets at Loci Capital.  “Residents will have similar amenities and square footage as compared to owning a newly constructed single-family home, but at a fraction of the monthly costs.”

The project will break ground in April and is expected to start leasing in 2026.  The property is located at 8700 William Ficklen Drive on a 6.9-acre parcel.

“In contrast to traditional apartments, there is almost no new supply of infill single-family housing in Charlotte, which is evident in the increasing rents and occup