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January 30, 2025
PPR Capital Management (“PPR”), a leading private equity real estate investment firm, announced its investment in the Townes at Millstone, a 133-unit build-to-rent (“BTR”) townhome community in downtown Kannapolis, North Carolina. Serving as the company’s first investment in the Charlotte metropolitan area, Townes at Millstone is a part of Millstone Village, a 20+ acre master-planned urban infill project developed by Cambridge Properties, a Charlotte, NC-based real estate developer.
A gateway to downtown Kannapolis, Millstone Village will be anchored by the first Harris Teeter grocery store to open in the company’s home state of North Carolina since 2020. Located at the bustling intersection of N. Main Street and N. Loop Road, the project will also include 304 luxury Class-A multifamily units, 12,600 square feet of retail shop space, and a national branch bank. With its first units planned for 2027 delivery, Townes at Millstone is located within the 350-acre NC Research Campus and directly walkable to Kannapolis’s revitalizing downtown, ideally positioned in a rapidly growing market benefitting from significant institutional investment.
The acquisition comes as PPR’s build-to-rent strategy continues to gain traction. The firm’s TN-based Highline at Knoxville community recently achieved stabilization, underscoring the strong demand for quality rental housing options as elevated mortgage rates continue to challenge homeownership affordability. The Townes at Millstone investment marks the firm’s fourth BTR community and brings its total multifamily unit count to over 3,000.
“The Townes at Millstone is a meaningful step forward in PPR’s commitment to building a diversified platform that creates lasting value for our investors,” said Steve Meyer, Chief Executive Officer at PPR Capital Management. “Our expansion into the Charlotte market through a grocery-anchored BTR community reflects the institutional rigor and disciplined approach our investors expect from us. As we continue to diversify across asset classes and high-growth markets, we remain focused on delivering consistent, risk-adjusted returns while empowering our accredited investor community with access to opportunities historically reserved for large institutions.”
Craig Johnsen, Chief Asset Officer, added: “Build-to-rent continues to post strong performance on the key metrics that drive long-term value, particularly resident retention and occupancy stability. Early results at Highline at Knoxville bolster our conviction in grocery-anchored BTR communities that combine convenience, lifestyle amenities, and affordability. Kannapolis represents an attractive entry point into the greater Charlotte market, which continues to benefit from strong population and employment growth, and the mixed-use nature of Millstone Village positions this community to capture sustained renter demand in one of the Southeast’s most dynamic growth corridors.”
PPR’s investment is made alongside sponsor and master developer Cambridge Properties and facilitated by equity broker CBRE, with financing provided by Atlantic Union Bank.
This article was originally posted in the Mecklenburg Times.