Lion Real Estate Group, LLC (“LREG”), a Dallas-headquartered real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, acquired a two-property, 208-unit apartment portfolio in Charlotte, North Carolina that was rebranded as Creekside Canopy.
Lion’s Ben Kriegsman, Vice President, Acquisitions, said, “The Woodlands and Reserve at Campbell’s Creek, now known as Creekside Canopy, are Lion’s second and third acquisitions in Charlotte. 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. We were thankful to work with all parties involved. 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.”
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 Lane and The Woodlands is located at 6401 Woodbend Drive in the desirable pocket of East Charlotte, 20 minutes east of downtown. Charlotte is one of the top-ranked business climates in the U.S. and has emerged as the country’s second-largest business and financial services hub. The market also has a large, growing pool of skilled talent and a robust pipeline of highly educated graduates that are attracted to the submarket’s quality of life.
Jeff Weller, Co-CEO/Co-Founder of Lion, said, “We continue to build our portfolio in the Charlotte market by adding assets that align with the value creation objectives of our Fund investments. These assets, the sixth and seventh additions to our Fund III, were secured through foreclosure, in a transaction involving direct lender fixed-rate financing. The acquisition creates greater scale for us in the market, following the acquisition of The Apartments at Radbourne Lake in Charlotte earlier this year.”
Mory Barak, Co-CEO/Co-Founder of Lion, added, “We are excited to add another 208 units to our portfolio in Charlotte and hope to have the opportunity to continue purchasing deals direct from foreclosing lenders in this Fund and future Funds.”
