The Stead at Farmington

Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for The Stead at Farmington, the “Property”, or the “Asset”, a 275-unit Class-A multifamily asset nestled in the Farmington Master-Planned Development in Northeast Charlotte. Completed by Woodfield Development in 2023, The Stead is a differentiated product from a developer with a proven track record for excellence, boasting access to a wide range of best-in-class amenities and the largest and fastest growing mixed-use community in the area. Situated between I-485 and the new Farmington Ridge Parkway, The Stead offers residents direct connectivity to several major employment and entertainment hubs in the Charlotte MSA.

The Stead is strategically located in the Rocky River micro market, where high barriers to entry have obstructed all incoming supply for the foreseeable future. Approval for new multifamily developments in Cabarrus County is extremely rare, and The Stead’s adjacency to the county bolsters market fundamentals in the area. The Stead also offers investors the opportunity to capitalize on an unrealized Master- Planned Development rental premium as the Farmington Development continues to expand. Between the steep cost of home ownership in the area, discount to comparable market rents, and a high local average household income, there is considerable rental headway for the Property.

The Stead’s best-in-class amenities, strong submarket fundamentals driven by a severe lack of supply, and immediate area demographics all position the property to capture a significant rental upside. Renters’ strong demand for living in this pocket will only continue to grow as the Master Planned Development reaches its completion, thus paving a clear path to significant revenue growth for a Class-A investment in one of the top growth markets in the nation.