Centerlane Capital, an emerging investment manager with over 75 years of combined experience, is raising equity of an OZ investment in Murphy’s Farm Apartments, a 240-unit Class A multifamily development in Morganton, NC. This development will be the first new purpose-built apartment community to be delivered in Morganton in over 15 years. Given the nonexistent multifamily pipeline and significant pent-up demand, Murphy’s Farm is expected to deliver into a grossly undersupplied market with little or no competition.
Morganton is a gateway community to the Blue Ridge Mountains located on Interstate 40 between Asheville (50 miles) and Charlotte (70 miles). The area has many appealing attributes including a stable and growing employment base bolstered by significant state investment, an abundance of outdoor recreational amenities and a historic downtown core with craft breweries and farm-to-table restaurants which sets it apart from other nearby cities. This 25-acre Qualified Opportunity Zone development site is part of the 800-acre master planned Broughton District, which is anchored by the new $130 million Broughton Hospital and the $60 million NC School of Math & Science. The district is expected to attract over $192 million of private investment over the next 10 years supported by $81 million in phased public investment. The property, which will consist of eight 3-story wood-frame buildings situated on open rolling land, will feature two 1920’s vintage brick barns that are to be preserved and repurposed as leasing and amenity space.
As of March 2021, Centerlane Capital's single-asset OZ fund has raised 70% of the required equity and is looking for additional commitments before March 31st 2021.
Fund Size ($)$13,200,000
Minimum Investment ($)$100,000
Date AddedMar 4, 2021 (1 month ago)
Contact Information Visit Fund Website