P
eakline Real Estate Funds (PREF) has closed its first investment in the Peakline Real Estate BTR Fund I, acquiring a 23-acre site for the development of EDEN Steele Creek, a build-to-rent townhouse community in Charlotte, North Carolina. The project is a joint venture with Sterling Equities and EDEN Multifamily.
The Fund aims to address the housing supply-demand gap by investing in purpose-built detached single-family and townhome rental communities in select markets across the Southeast, Mountain West, and Midwest. "The closing on EDEN Steele Creek marks an exciting milestone in our commitment to create high-quality, purposefully built rental communities that serve a broader demand than traditional multifamily," said Michael Miller, CEO of Peakline Real Estate Funds.
EDEN Steele Creek will feature 187 luxury for-rent townhomes with attached garages, yards, and top-of-market unit finishes. The community will offer an extensive amenity package, including a 5,000 square foot clubhouse with a pool, co-working space, fitness center, and additional lifestyle amenities.
The project was selected due to the strength of its location in Steele Creek, a Charlotte submarket that combines urban and suburban living. Construction is expected to begin in the fall of 2025, with projected full completion by mid-year 2027.
PREF is partnering with Sterling Equities and EDEN Multifamily to develop EDEN Steele Creek. "The launch of the BTR Fund I marks a strong start towards delivering on our strategy to invest in the development of properties that address this differentiated rental housing demand," said Jason Ross, Managing Director and Fund Manager at Peakline Real Estate Funds.
About Peakline Real Estate Funds
Peakline Real Estate Funds is a private real estate investment firm providing direct access to real estate opportunities across multiple property types. PREF currently has over $1.7 billion in equity invested across six funds and select individual investments, totaling $5 billion in gross value across 17 million square feet in more than 15 key growth markets in the US.
About Sterling Equities
Sterling Equities is an investment firm with holdings in real estate, media, and sports. Founded in 1973, Sterling is guided by the values of partnership and civic responsibility.
About EDEN Multifamily
EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. The company seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects.
