Blue Heron Asset Management acquired a Lake Norman apartment complex for $76 million. RL West and Langtree Development were the sellers of the Langtree Lake Norman, a 300-unit mid-rise multifamily project in Mooresville, North Carolina. Berkadia brokered the deal.
LangTree Lake Norman includes approximately 48,000 square feet of ground-floor retail space with a mix of local and regional tenants. The joint venture retained ownership of Buildings 105 and 106 along Langtree Road and the commercial buildings fronting Mecklynn Road.
Blue Heron plans to upgrade the apartment unit interiors, which have remained largely untouched since their construction in 2013. The buyer assumed the existing HUD loan as part of the transaction.
LangTree Lake Norman Apartments feature one, two, and three-bedroom apartments and offers an array of warm finishes, lakeside views, and spacious layouts. Located on the eastern edge of picturesque Lake Norman, the property brings you peaceful living without sacrificing modern convenience. A quick stroll from your front door places residents among the best shopping and dining in the area with easy access to I-77.
Langtree Development Company was represented by Caleb Troop and Thomas Colaiezzi of Berkadia Charlotte, along with Brian Long of RL West.
Blue Heron Asset Management, LLC is a real estate investment and development firm with a primary focus on multifamily/mixed-use properties in high-growth markets in the southeast with a concentration in Raleigh-Durham and Charlotte (NC). Blue Heron creates value by building and growing durable and resilient income streams through active asset management, operational repositioning, renovations, and ground-up development.
