Funds controlled by Loci Fund II GP, LLC, an affiliate of Florida-based Loci Capital Group, LLC, a private real estate fund manager, has structured a joint venture with private real estate development and investment firm Canvas Residential to develop an 82-unit townhome rental community in the university submarket of Charlotte, NC. 

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 amid a “handful of apartment communities and office parks,” the firm said. 

Loci cited the significant built in profit margin and supply and demand imbalance for similar products as key factors, among others, for pursuing the investment with Canvas Residential. 

“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 occupancy of the market,” noted Michael Phillips, CEO and co-founder of Loci Capital. “Combine this imbalance with continued demographic tailwinds and the chance to work with a world-class partner in Canvas [Residential], and we are excited to add this property to our Fund II portfolio.” 

Loci focuses on creating value through relative value real estate investments in private credit and preferred equity, rescue capital, special situations, value-add, ground-up development, and platform investing. 

Since inception in 2019, the firm has invested over $250 million of equity in more than $1 billion of real estate, including multifamily, hospitality, office, vacation rental, student housing and medical office sectors. 

Formed in 2022, Charlotte-based Canvas Residential has more than $250 million of build-for-rent communities currently in development. The firm focuses on “highly-amenitized” build-for-rent townhome, cottage-style, and single-family detached home communities. 

Pictured: interior of comparable project built in the same market (Avery Place)