"The Exchange Monroe" is a luxury residential development project in Monroe, North Carolina. It comprises 364 rental units with plans for an additional 70,000 square feet of commercial retail space. The project is in a highly desirable area within the Charlotte-Concord-Gastonia metro, offering easy access to major roads and proximity to key employers, shopping, and entertainment options.
The development benefits from rare entitlements allowing higher density, which is advantageous given recent zoning changes. Developed by Eagle I Property Group in partnership with SGA | NW architects and co-developed with Keystone National Group, the project is estimated to cost $75 million with a projected sale price of $103.53 million upon stabilization.
The financial projections include a 25.36% internal rate of return (IRR) and an equity multiple of 2.39x over a 4-year analysis period. The development will feature luxury amenities like a pool, outdoor kitchen, fireplaces, walking trails, and senior-friendly facilities. The unit mix will consist of 1-bedroom, 2-bedroom, and 3-bedroom apartments.
The location is well-supported by nearby amenities such as shopping centers, colleges, parks, and an executive airport. The project is positioned as a Class A property, offering competitive rental pricing and luxury living, with a strong focus on delivering substantial financial returns for investors.
Benefits:
The project is in a prime Charlotte location with easy access to major roads and amenities. It benefits from grandfathered rights for higher density and offers strong financial returns with a 25.36% IRR and 2.39x equity multiple over four years. The development features luxury amenities like a pool and outdoor kitchen and is backed by the reputable Eagle I Property Group with experienced partners.
Highlights:
The development has a total estimated cost of $75 million and is projected to sell for $103.53 million. It will include 364 residential units, featuring a mix of 1, 2, and 3-bedroom apartments. Additionally, there are plans for 70,000 square feet of future commercial retail space. Positioned as a Class A property, it is a luxury, high-demand development with competitive rental pricing.
- 364 residential units (1, 2, and 3-bedroom).
- 70,000 sq. ft. of future commercial space.
- Class A luxury property with competitive rents.
- Located in a high-demand area.
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