LMC buys Uptown Charlotte asset, marking firm’s first acquisition
LMC has acquired Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of the most sought-after rental submarkets in Charlotte, N.C. The transaction marks LMC’s first acquisition of an existing multifamily community.
Novel Stonewall Station, which features 459 luxury apartment homes and a full-sized Whole Foods Market on the ground floor, offers walkability to Charlotte’s core central business district employers and Uptown’s entertainment attractions. It also is adjacent to the Stonewall Station light-rail stop, which allows residents to easily travel to South End and NoDa, two of Charlotte’s other thriving intown neighborhoods. With the acquisition, LMC now owns three class A, transit-oriented communities in the city. The other two communities are Bradham at New Bern, located in South End, and The Ellis in Uptown.
“The Charlotte apartment market is a healthy one, and our first-ever acquisition provides us with a way to scale our presence in the market and add a true trophy asset in the Queen City,” said Todd Farrell, president of LMC. “The strategic move to acquire these types of communities will serve as a complement to our ongoing development efforts and will allow us to continue to build our portfolios in desirable submarkets.”
Situated at 400 East Stonewall Street, Novel Stonewall Station sits at a nexus of employment, recreation, entertainment and transportation. The area immediately surrounding the property is undergoing a monumental transformation, with several mixed-use developments and office towers under construction or planned. More than 2.9 million square feet of new class A office space will be added within four blocks of the community by 2021. Major nearby employers include Duke Energy, Wells Fargo, Bank of America, Regions and WeWork. In addition, Interstates 77 and 277 are nearby to provide residents with easy connectivity to the rest of the metro Charlotte area.
“We are excited about the addition of Novel Stonewall Station to our portfolio,” said Will Chapman, managing director of LMC Investments. “This is truly a landmark asset in an unbeatable location within one of the nation’s fastest-growing metro areas. And with its array of outstanding interior finishes and top-notch, in-demand amenities, it is a highly desirable home for today's discerning apartment residents.”