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50 Fenway Pl SW | Concord, NC 28027
Evolve at Parkway
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Property Description
Unit Amenities
Resort-Style, Saltwater Swimming Pool with Sun Shelf, Sundeck, Poolside Grilling Pavilion, and Covered Pool House Lounge with TV and Electric Fireplace
Clubhouse with Entertainment Space, TV Lounge, Starbucks Coffee Bar, Catering Kitchen with Long Island and Bar Seating, and Billiards Room
24-Hour, State-of-the-Art Fitness Center with Cardio and Weightlifting Equipment, Free Weights, and Yoga / Spin Studio
Business Lounge with Computers
Compimentary Wi-Fi in Common Areas
Playground
On-Site Dog Park and Pet Wash
On-Site Management and Maintenance Team
Community Mail Room and Package Room
Valet Trash Service
Plenty of Convenient, On-Site Parking, Detached Garages Available, and Electric Car Charging Station
Professionally Landscaped with Manicured Grass, Young Trees, Trimmed Shrubs, and Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Nearby Entertainment Options Include the Charlotte Motor Speedway, PNC Music Pavilion, and SEA LIFE Charlotte-Concord
Convenient Access to U.S. Highway 29, Interstates 85 and 485, CATS Light Rail Station, Concord-Padgett Regional Airport, University of North Carolina at Charlotte, Downtown Concord, and Downtown Charlotte
Spacious, Open Floor Plans
Beautifully Appointed with High-End Finishes Including Stainless Steel Appliances, Glass-Top Range, Wood-Style Flooring, Granite Countertops, Ceramic Backsplash, Shaker-Style Cabinetry, Undermount Sink, and Pendant and Recessed Lighting
Gourmet Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Built-In Microwave, Kitchen Island, Pantry, Dining Area, and Plenty of Cabinet and Counter Space
Plush Bedroom Carpeting, Lighted Ceiling Fans, Mini Blinds, and Smart Locks
Full Size Bathroom with Garden-Style Tub and Shower Combination / Walk-In Shower with Glass Enclosure
Nine-Foot Ceilings, Large Windows, Walk-In Closets, and Generous Storage Space
Private Patio / Balcony with Glass Panel Doors
In-Unit Washer and Dryer
Select Units Feature a Private Turf Yard and Scenic Pond / Wooded Views
Central Air Conditioning / Heating, Cable TV Ready, and High-Speed Internet Access
Community Amenities
Investment Highlights
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Mark Boyce
Managing Director
(843) 628-3765
mark.boyce@berkadia.com
JOHN BRAY
Senior Managing Director
404.654.2595
john.bray@berkadia.com
Richard Levine
Senior Managing Director
404.654.2590
richard.levine@berkadia.com
Josh Finley
Director
404.654.2594
josh.finley@berkadia.com
Thomas Colaiezzi
Director
(704) 565-9391
thomas.colaiezzi@berkadia.com
Blake Coffey
Senior Director
(843) 628-3766
blake.coffey@berkadia.com
Matt Robertson
Associate
(919) 812-3174
matthew.robertson@berkadia.com
CALEB TROOP
Managing Director
(980) 208-1668
caleb.troop@berkadia.com
MORTGAGE BANKING
INVESTMENT ADVISORS
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Eli Lilly and Company: In Q2 of 2024, Eli Lilly opened their Concord-based manufacturing facility located less than a 5-minute commute from Evolve at Parkway. Eli Lilly has invested $2B into the state-of-the-art facility that employs more than 600 people.
Atrium Health Cabarrus: This 457-bed regional hospital employs approximately 4,200 people and is a 15-minute drive from Evolve at Parkway.
Amazon: Amazon’s recent expansion into Charlotte MSA has brought more than 1,000 jobs to Cabarrus County across multiple locations including sorting, distribution, and fulfillment facilities. These facilities are all located within a short commute from Evolve at Parkway.
Charlotte Motor Speedway: Home to one of NASCAR’s most prominent races, The Coca-Cola 600, Charlotte Motor Speedway employs nearly 500 full-time employees. The venue also hosts an array of different events year-round which helps drive frequent commuter traffic to Concord. The track is located less than 3 miles from our subject property.
Hendrick Motorsports: Located within a 5-minute commute from Evolve at Parkway, the Hendrick Motorsports HQ office employs over 600 people across a 430,000 square-foot facility.
University of North Carolina Charlotte: Approximately 10 minutes from the subject property, UNC Charlotte has recently experienced tremendous growth. Aided by both private investments and public expansion projects, UNCC has cracked US News & World Report’s top 100 public universities for 2024. With this news came record breaking university enrollment numbers of over 30,000 students for fall semester of 2023. The University currently has 3,700 permanent faculty and staff members.
ACN: ACN’s corporate headquarters is located within a 20-minute commute from Evolve at Parkway and employs over 1,000 people.
Proximity to Major Employment Nodes
Unit Mix
01
108 one-bedroom units measuring 776 square feet each
144 two-bedroom units measuring 1,114 square feet each
48 three-bedroom units measuring between 1,291and 1,411 square feet
1,020
Average unit size (square feet)
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Garage Income: Garage units at Evolve at Parkway are dramatically underutilized. Currently sitting at 21% occupied (9 of 42 rented), there is an opportunity to substantially boost other income by stabilizing garage occupancy. Through detailed rental competitor research, we found that nearby properties shared similar rental rates yet achieved higher occupancies.
02
NOI Upside Potential Through Garage and Privacy Yard Utilization
Future development in Cabarrus County is constrained by existing sewer capacity issues, which have halted new construction and will limit the number of new units coming online. A new wastewater facility is not expected to be completed until 2027. As of August 2024, there is only one active apartment community under construction in Cabarrus County (100+ units). The submarket is likely to see fewer market-rate developments in the short term, potentially reducing competition for current Class A operators in the area.
03
Future Supply Constraint in Cabarrus County
Evolve at Parkway is ideally located within the zoning boundary of one of Cabarrus County’s top high schools, Jay M. Robinson High School. The school ranks 6th in the county and in the top 20% of all high schools in North Carolina. This is an impactful demand driver for families seeking housing in Cabarrus County.
04
Alignment to Top Tier Education System in Cabarrus County
Evolve Companies, the developer and owner of Evolve at Parkway, is a vertically integrated multifamily investment, development, and management group based in Greensboro, North Carolina. Focusing exclusively on the Southeast, the firm boasts an impressive development track record of 20,000+ units across more than 50 cities. Evolve has emerged as a leader in the multifamily space, being recognized by NMHC as one of the nation’s top 25 largest developers in 2023. With over $1B in assets currently under management, the group’s in-house management arm is well-seasoned in the lease up and operations of Class-A product, ensuring a smooth transition for Evolve at Parkway’s eventual new ownership.
05
Proven developer, Top 25 NMHC developer in the U.S.
WASACC: SENATE BILL GIVES CABARRUS
MORE WATER AND WASTEWATER CAPACITY
Assuming 90% occupancy and current rental rates, garage income could yield a $76,000+ premium over current figures.
*Assumes 90% occupancy at $200/u/mo for rentable garages ^Represents Aug-24 T1 annualized Garage Income
Privacy Yard Income: Evolve at Parkway provides residents an extremely unique amenity feature. Currently, 32 ground-floor units have fenced privacy yards, and there is an opportunity to add 12 additional privacy yards. Furthermore, Evolve at Parkway is the only conventional property within a 3-mile radius offering this amenity to residents.
The current amenity charge to residents is $25 per month. By installing the 12 additional yards and increasing this charge to $75 per month, Privacy Yard Income could yield $30,000+ in additional income.
Current Number of Privacy Yards 32 Potential Additional Privacy Yards 12 Total Potential Privacy Yards 44 Current Charge Per Yard $25 Current Privacy Yard Income/YR $9,600
Potential Charge Per Yard $75 Potential Privacy Yard Income/YR $39,600
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USA Today has named Concord the #2 best city to move to in North Carolina, highlighting its exceptional public schools, which are among the highest-scoring compared to other cities in the state.
Class: A
# of total units: 300
Style: Garden-Style
Distance from Downtown: 6 miles SW of Downtown Concord and 18 miles NE of Downtown Charlotte
Location: along the Concord Pkwy S / U.S. Highway 29, just north of Charlotte Motor Speedway
Year built: 2023
# of total buildings: 13 (plus a leasing office / clubhouse)
# of stories/floors in each building: 3
# of parking spaces: 503
# of garages: 42 rentable garages
Exterior building materials: Stone accents and siding
Roof type: Pitched roofs with shingles
Acres of land: 19.43 acres
Density: 15.44 units per acre
Pets allowed: Yes
# of rear fenced privacy yards: 32
Adam Erickson
Associate Director 404.654.2596 adam.erickson@berkadia.com
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Mt Pleasant, SC 29464
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355 S. Main Street
1st and 2nd Floor
Greenville, SC 29601
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