Lion Acquires 3rd Charlotte Rental Asset

Lion Real Estate Group acquired a two-property, 208-unit apartment portfolio in Charlotte that was rebranded as Creekside Canopy. The acquisition expands the firm’s Charlotte market presence to three assets and was made on behalf of Lion’s Fund III investment vehicle.

The properties are located immediately next to one another, allowing them to be operated as a single multifamily community. Reserve at Campbell’s Creek is located at 5616 Farm Pond Ln. and TheWoodlands is located at 6401 Woodbend Dr. in the desirable pocket of East Charlotte, 20 minutes east of downtown.

Lion’s Ben Kriegsman said, “We had a unique opportunity to purchase both properties out of foreclosure in a transaction with the prior sponsor’s lender, which was represented by John Phoenix and Gavin Conlon at Cushman and Wakefield. The Woodlands will see a full renovation program on the interiors and exteriors. Reserve at Campbell’s Creek was previously renovated. Investments in necessary deferred maintenance and upgraded amenities will also be made at both.”