CHARLOTTE, NC—Canyon Capital Realty Advisors LLC of Los Angeles reports it has provided the NRP Group LLC of Cleveland with $12 million of preferred equity in order to develop its Presidio mid-rise apartment project here.

The Presidio will be a 298-unit development situated on a 2.4-acre site in the South End district of Charlotte, located at the intersection of South Church Street and West Morehead Street. The project in the Uptown/South End submarket of Charlotte will commence construction in the first quarter of 2014 and begin unit deliveries in the last quarter of 2015. When complete, the property will have five stories of apartment homes atop a structured parking deck. The apartment homes will include a mix of layouts ranging from one- to three-bedroom units. The project amenities will feature a swimming pool, club lounge, fitness center, garden courtyard and landscaped outdoor areas.

"We value our long-standing relationship with Canyon Realty and their expertise in getting transactions across the finish line," states Michael Moses, chief investment officer of NRP. "We look forward to bringing NRP's high quality multifamily housing product to this unique Charlotte location."

The Uptown/South End submarket of Charlotte is the fastest growing apartment market within Charlotte, driven by demand from young professionals seeking an urban living environment, Canyon Capital Realty officials state. The submarket has experienced a 5% increase in mid-rise apartment rents from the previous year and has only a 5% vacancy rate as of the fourth quarter of 2013.

"We believe in the long-term growth of Charlotte's urban core and are pleased to have the opportunity to invest in this high quality multifamily project," said Ronald C. Muzii, Jr., senior director at Canyon Capital Realty. "The South End and Uptown districts of Charlotte have transformed over the last decade into a true live/work/play environment and we are excited to be a part of that growth."

This is the second transaction between Canyon Realty and NRP. In December 2012, Canyon Capital Realty provided preferred equity to NRP for the development of Beacon430, a 326-unit, Class-A multifamily project located in downtown St. Petersburg, FL.