LMC, home builder Lennar’s multifamily arm, has branched out from new construction and has announced its first acquisition. The firm acquired Novel Stonewall Station, a 459-unit luxury apartment community in the Uptown neighborhood of Charlotte, N.C.
A full-sized Whole Foods Market sits on the ground floor, and the transit-friendly location is adjacent to the Lynx light-rail Stonewall station. With the recent acquisition, LMC now owns three Class A, transit-oriented communities in the city. The other two include Bradham at New Bern, located in South End, and The Ellis, which is also 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.”
Novel Stonewall Station offers studio, one-, two-, and three-bedroom apartment homes ranging from 469 to 2,563 square feet. Community amenities include an invisible-edge saltwater pool, a rooftop beer garden, a fitness center, a co-working lounge and conference room, 24-hour package lockers, and a rooftop dog park. The lively neighborhood is right in the middle of everything and also serves as an employment center populated by Duke Energy, Wells Fargo, Bank of America, Regions, and WeWork.
"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."
