Ascent Real Estate Capital, Centro Cityworks, and BCDC are excited to announce their partnership in the capitalization of Centro Montford, a 240-unit multifamily development in Charlotte’s, Montford Park neighborhood.
Ascent Real Estate capital rezoned the property in 2022 and closed on the land with Centro Cityworks in August of 2023. Jason Kon of Newmark brokered the land transaction. The project will break ground this month and is set to deliver in 2026.
“We are thrilled to break ground on our fourth Centro development project in Charlotte. All of our Centro Projects have featured a unique unit mix, high-quality design elements, ground floor retail, and are located in walkable, bikeable neighborhoods,” said Caci Jaeger, a partner with Ascent Real Estate Capital’s multifamily group. “The new Little Sugar Creek Greenway extension has further enhanced the already dynamic Montford submarket and will serve as an additional amenity for the project.”
A Design-Based Partnership
This is also Ascent’s fourth development with David Furman of Centro Citworks. Caci Jaeger added, “David Furman is a leader in Charlotte’s urban design. In this market, we have seen some multifamily trend towards a generic look, but David always insists on the extra elements to add something unique or ‘cool’ to the buildings such as public art to add character to the projects.”
The team worked with Axiom Architecture on the design and Edifice Inc. is the General Contractor for the project’s construction. This is the team’s first partnership with BCDC, who brings a wealth of construction and development experience to the project.
Investments Near Transit and Open Space
Ascent believes that Charlotte and Mecklenburg County’s investment in public infrastructure such as greenways, open space, and transit will continue to catalyze private investments.
Ascent and Centro Cityworks are also nearing completion on their Centro NoDa project on East 36th Street, steps from the center of the NoDa neighborhood business district and 36th Street light rail stop. Centro NoDa will begin residential leasing this fall for 4th Quarter occupancy.
Ascent Real Estate Capital’s sister company, Ascent Real Estate Partners, has started leasing Centro NoDa’s ground floor retail and will also handle the leasing for Centro Montford’s ground floor retail.
A Varity of Housing Types:
In addition to Ascent Real Estate Capital’s ground-up multifamily development, the company has also expanded into the urban Build-to-Rent townhome space (BTR) and residential lot development. Ascent Real Estate Capital, in partnership with Beauxwright, recently broke ground on Radial Townhomes (58 units) located in the MoRa development. Ascent also successfully rezoned 3.5 acres on Central Avenue last month. Ascent’s sister company, Ascent Housing, continues to be actively acquiring affordable multifamily assets.
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About Ascent Real Estate Capital
Ascent Real Estate Capital is a real estate investment company headquartered in Charlotte, North Carolina. Its partners are experienced in sourcing, capitalizing, operating and managing real estate investments across all major property types.
The company predominantly invests in multifamily and commercial properties that are adjacent to major public and private investments in Charlotte’s infill submarkets. Over the past 8 years, Ascent has successfully completed $725mm+ in transactions and currently has $550mm+ in assets under management.
Ascent’s multifamily transaction and development volume (including its partnership with its affordable housing sister company Ascent Housing) includes approximately 3,000 multifamily units in Charlotte.
About Centro Cityworks
Since 1980, David Furman has specialized in urban planning and innovative design, with a strong focus on improving the caliber of design in the multifamily industry. While his architectural practices have designed hundreds of projects totaling over 50,000 housing units across the Eastern United States, he has developed a national reputation for high quality design and the ability to consistently generate successful, distinctive projects for clients while working rigorously within programmatic and budget parameters. His efforts have been recognized with many design awards including 22 from the AIA and the Project of the Year from Builder Magazine twice. In 1994, David was elevated to Fellowship in AIA, in recognition of his career in housing innovation.
While founding three different architectural practices, David created a development company, Centro CityWorks, to focus on urban, affordable, and more adventuresome projects. In 2006, he was named Entrepreneur of the Year by the Charlotte Chamber, and in 2016 also was presented the Vision Award from Charlotte Center City Partners for Centro’s contribution to the renaissance of downtown Charlotte. David has recently served on the board of Charlotte Center City Partners, where he chaired the Planning and Development Committee. He holds a similar leadership role of the board of the Charlotte Housing Coalition, which is working on a 10-year plan to end homelessness in our community.
About BDCD
BCDC [Batson-Cook Development Co.] is an opportunistic real estate development company focusing on establishing programmatic joint venture partnerships with best-in-class developers throughout the Southeastern U.S., Texas and other select markets. As a Co-GP joint venture partner, BCDC strengthens and supports real estate development partners and projects by providing sponsor equity, risk analysis and underwriting, a strong balance sheet, completion guaranties and deep relationships with institutional equity investors and construction lenders. BCDC’s investment platform is a fulcrum, allowing developers to achieve growth and scale and is a proven approach to creating value for all stakeholders. BDCD’s performance track record includes $660M of Co-GP equity deployed and current portfolio net development of $5.4B. Please visit batsoncookdev.com for more information.