Blue Heron Buys Charlotte-Area Community
The property came online in 2013.
An affiliate of Blue Heron Asset Management has acquired the 300-unit LangTree Lake Norman, a Mooresville, N.C., community, for $76 million. Langtree Development Co. sold the Charlotte-area asset.
The buyer assumed the $42.8 million outstanding balance of a HUD loan originated by Manufacturers and Traders Trust Co. that carries a 3.12 percent fixed interest rate, according to Yardi Matrix information. Berkadia and RL West brokered the deal.
RL West and Langtree Development Co., the original developers of the property, continue to hold ownership of Buildings 105 and 106 along Langtree Road, as well as the commercial building facing Mecklynn Road. The new owner plans to enhance the community space and upgrade the units.
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The Class A community came online in 2013 and features six five-story buildings with 48,000 square feet of ground-floor retail space. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 926 to 1,340 square feet. Apartments also have private balconies or patios.
Common-area amenities include a clubhouse, swimming pool, fitness center and a dog park. Additionally, the mid-rise has a fitness center, media room, outdoor kitchen, grilling area and fireplace, as well as a cyber lounge with conference room.
The community is at 150 Landings Drive, close to Interstate 77 and Lake Norman. Downtown Charlotte is within 23 miles, while the Charlotte Douglas International Airport is some 27 miles southwest.
Berkadia Managing Director Caleb Troop and Director Thomas Colaiezzi, along with RL West Vice President Brian Long, represented Langtree Development Co. in the sale.
Charlotte apartments trade for less
Year-to-date through September, Charlotte’s multifamily transactions volume totaled almost $1.1 billion across 38 communities—a little less than 6,550 units—according to Yardi Matrix information. This is a considerable decrease from the almost 5,600 apartments trading during 2023’s same period for $1.3 billion. The average price per unit dropped year-over-year from $230,815 to $149,715.
In August, Inwood Holdings paid $55 million for Braxton at Lake Norman, a 232-unit community in Mooresville, N.C. The property is less than 4 miles from LangTree Lake Norman.
A month earlier, Fortune Holdings acquired a three-community portfolio in Charlotte totaling 496 units for $49.7 million. At the time, the transaction was the largest Class C portfolio deal by unit count and total amount of the year.
