Novare Group, Batson-Cook Development Company and Grubb Properties Break Ground on SkyHouse® Uptown

Charlotte (May 5, 2014) – Novare Group, Batson-Cook Development Company and Grubb Properties were joined by Charlotte Center City Partners for the official ground breaking of SkyHouse Uptown, a 24-story, 336-unit luxury apartment building on the corner of 10th and Church Streets in the Fourth Ward neighborhood today.

SkyHouse Uptown is the 11th SkyHouse-branded luxury high-rise in the Southeastern United States, following buildings in Atlanta, Dallas, Houston, Austin, Orlando, Tampa and Raleigh. The program represents more than $700 million in new construction and has created thousands of permanent and full-time jobs while putting intown properties on the tax digests. The towers are aimed at Generation Y professionals who want to live in urban infill areas close to business centers, night life, culture and public transportation.

BBVA/Compass is providing construction financing for the project, and NGI Investments, LLC, led by Borders, and Batson-Cook Development Company are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE advised on financing, while Ryan Clutter of CBRE represented the seller in the land transaction.

“There is a lot of momentum in Uptown from Bearden Park to the new Knights baseball stadium, and we are excited to work with Batson-Cook Development Company and Grubb Properties to add SkyHouse to the mix in the Fourth Ward,” said Jim Borders, President, Novare Group.

The innovation of the SkyHouse program lies in the experienced team lead by Jim Borders and Novare Group with co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction and architectural firm Smallwood, Reynolds, Stewart, Stewart. The partnership allows the SkyHouse communities to be delivered in urban locations where strong economic and demographic trends favor intown living but where apartment cost economics are otherwise difficult for high-rise towers directed at a younger population. Because of a truncated build-time enabled by lean construction techniques, the projects are delivered quickly at attractive cost structures for high-rise apartments.

Grubb Properties, headquartered in Charlotte, is a 50-year veteran of real estate investment, development and management with a proven track record of successful multi-family communities in Charlotte and throughout the Southeast. Its Charlotte multi- family projects include the prestigious Ratcliffe condominiums on South Tryon, uptown Charlotte’s first luxury condominium high-rise with Batson-Cook Construction as the general contractor, as well as the Sterling Magnolia, Sterling Steele Creek, Park South and Quarterside apartment communities.

“This project will spark a transformation of the North Tryon area and underscores our commitment to provide upscale, close-in housing to a growing generation who prefer to rent rather than buy their residences, We are proud to partner with premier developers such as Novare Group and Batson-Cook, both leaders in providing homes to young professionals across the Southeast to Texas,” said Clay Grubb, president of Grubb Properties.

Novare Group developed Avenue and Catalyst, both on Church Street. Batson-Cook Development Company built the Trademark condominium tower as well as the Courtside condominium project with David Furman. Batson-Cook Company, a related general contracting firm, was the general contractor on the Duke Energy Center and Hearst Tower.

SkyHouse features residential units between one and three bedrooms with high-end finishes and floor-to-ceiling glass offering breathtaking views. The “SkyHouse” is situated on the 24th floor and features a club room, fitness area and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges and birds-eye views of the city. The project will be environmentally sustainable and Energy Star certified.

“Batson-Cook Development Company is thrilled to be teaming once again with one of the best multi-family developers in the country for SkyHouse Uptown,” said Mike Hood, BCDC. “This has been an incredibly successful partnership, one that will deliver a world-class tower to the city of Charlotte when it opens in about 52-weeks.”

About Novare Group

Novare Group is a real estate development and investment company headquartered in Atlanta, Georgia, consisting of several investment and operating companies, including Novare Group Holdings, LLC, NGI Investments, LLC, Novare Events, LLC, HomeOwners Advantage, LLC, and TWELVE Hotels and Residences, LLC. Since 1995, Novare Group has developed over 10,000 high-rise residences in 30 buildings around the Southeastern United States. Learn more by visiting www.novaregroup.com.

About Batson-Cook Development Co.

Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia Batson-Cook Development Company offers a wide variety of real estate services from development and construction, to equity and credit enhancements, to brokerage and property management. Learn more by visiting www.batsoncookdev.com.

About Grubb Properties

Grubb Properties, founded in 1963, is a vertically integrated, employee-and-board owned real estate operating company with offices in Charlotte, Raleigh and Lexington, N.C., and properties throughout the Southeast. In the last 25 years, Grubb has completed nearly $2 billion in transactions including seven private equity real estate funds. Properties have encompassed more than 13,000 residential units and 2 million commercial square feet in both acquisition and development programs. For more information, visit www.grubbproperties.com.