Lion Real Estate Group, a value-add property buyer, purchased The Apartments at Radbourne Lake, a 225-unit multifamily property in Charlotte.

The Class B property is located at 3209 Westbury Lake Dr. in Charlotte, NC, and Lion states that the property has been well-maintained and managed throughout the seller’s ten-year ownership. The disposition was timed with the seller’s debt maturity and provided an opportunity for Lion to acquire its first asset in Charlotte at a highly discounted basis. 

Lion plans to add value to the asset by focusing capital expenditures on premium interior upgrades such as quartz countertops, energy-efficient LED lighting, stainless steel appliances in all units, new paint on the exterior of the property, updating the clubhouse, and other amenity upgrades. Lion expects to bring rents up to market rates as renovations are completed and improved curb appeal is achieved.

The asset acquisition is the company’s first in the Charlotte market and expands Lion’s multifamily portfolio to 29 communities across five states.