The Wayford Brand: Opportunities for Build-to-Rent Multi-Family Investment in Charlotte, NC

Catalyst Capital Partners is proud to present The Wayford Brand, a new line of build-to-rent multi-family properties which we first began to develop in 2018. These revolutionary rental townhome developments are located in the Charlotte, NC, metro area. The first complex, The Wayford Concord, completed construction in early 2021, delivering 150 high-end units located in the city of Concord. We began building the second development, The Wayford Innovation Park, following the success of our Concord development, and it is currently still under construction. Located in the University area of Charlotte, Innovation Park will feature 210 rental units when completed.

 

Both The Wayford Brand developments offer Class A build-to-rent townhomes in highly desirable locations. Continue reading to learn more about what makes these new multi-family developments such profitable investments.

 

 

 

The Success of The Wayford Concord

The Wayford Concord was a pioneer project which was notably one of the first purpose-built townhome developments in the Charlotte market. Construction on The Wayford Concord began in 2018 and concluded in early 2021 during the COVID-19 outbreak. The pandemic proved beneficial to the early success of the development since The Wayford Concord’s townhomes provide secure and direct entry to units rather than forcing renters to share common areas as they would in an apartment complex. The Wayford Concord also provides renters with ample space to set up a home office for remote work and private outdoor areas for dogs to do their business, features which were major boons during the pandemic. Another advantage offered by these build-for-rent townhomes is that they provide renters with a garage, a yard and a neighborhood setting, luxuries normally only afforded to homeowners. With home prices on the rise, The Wayford Concord allow residents to enjoy these perks of home living without having to buy a house.

 

Proof of The Wayford Concord’s success can be seen in its unit rental prices, which have risen substantially since the development was delivered. The Concord began leasing units at monthly rates of roughly $1,800 but those rates have risen to close to $2,500 per month in the past two years. We have found that, on average, these developments achieve a $500 monthly rent premium compared to the highest end Class A garden apartment developments in the sub-market, demonstrating the growing desire for rental townhomes.

 

The townhomes at The Wayford Concord have a variety of different floor plans and are 1-2 stories with 2-3 bedrooms, with each townhome having a private garage that accommodates 1 or 2 vehicles. The Concord comes with many amenities, including a clubhouse, an exercise room, a swimming pool and a full-time maintenance staff to provide renters with a white-glove experience.

 

 

 

The Future of the Wayford Brand

The success of The Wayford Concord has proven that there is a growing market for rental townhome developments. Other developers have taken notice of The Wayford Concord’s success and the market for similar projects has become very competitive. Build-to-rent townhomes appeal to those who would rather rent than buy, and have become a favorite among working professionals and young families.

 

The majority of renters at The Wayford Concord are between the ages of 30 and 50 and fall within a high-income bracket. Many of these renters are people who moved to Charlotte from other areas and some of them are renting a townhome while having a house built or waiting to find one that they love enough to buy. For these renters, The Wayford Concord provides the space and privacy of a home, which is more appealing than the limited space and privacy available in an apartment setting.

 

Currently, Catalyst Capital Partners is nearing delivery of The Wayford Innovation Park, a similar luxury townhome development in the University sub-market of Charlotte, just 15 minutes away from The Wayford Concord. This new development will appeal to those who would rather live in an urban setting than commute from the suburbs, and Innovation Park offers convenient access to Charlotte’s flourishing job market. Going forward, we plan to expand The Wayford Brand in both the Charlotte and Raleigh-Durham markets.

 

If you’re interested in investing in The Wayford Brand or any of our other multi-family developments in the Southeast, we encourage you to contact us today!