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Lake Norman Rental Asset Trades for $76M
Blue Heron Asset Management acquired a Lake Norman apartment complex for $76 million. RL West and Langtree Development were the sellers of the Langtree Lake Norman, a 300-unit midrise multifamily project in Mooresville. Berkadia brokered the deal.
LangTree Lake Norman includes approximately 48,000 square feet of ground-floor retail space with a mix of local and regional tenants. The joint venture retained ownership of Buildings 105 and 106 along Langtree Road and the commercial buildings fronting Mecklynn Road.
Blue Heron plans to upgrade the apartment unit interiors, which have remained largely untouched since their construction in 2013. The buyer assumed the existing HUD loan as part of the transaction.
Located at 150 Landing Drive, LangTree Lake Norman features a clubhouse, a swimming pool, a fitness center, and a dog park.
Langtree Development Company was represented by Caleb Troop and Thomas Colaiezzi of Berkadia Charlotte, along with Brian Long of RL West.
- ◦Sale/Acquisition
