Blue Heron Asset Management has recently acquired a 300-unit midrise multifamily project in Mooresville known as Langtree Lake Norman for $76 million. The sellers, RL West and Langtree Development, were represented by Berkadia in the transaction.
The apartment complex includes approximately 48,000 square feet of ground-floor retail space with a mix of local and regional tenants. However, Buildings 105 and 106 along Langtree Road and the commercial buildings fronting Mecklynn Road will remain under joint ownership by the two companies.
Under Blue Heron’s ownership, plans are underway to upgrade the interiors of the apartments which have not seen any major renovations since their construction in 2013. As part of this deal, Blue Heron also assumed an existing HUD loan.
Located at 150 Landing Drive, LangTree Lake Norman boasts amenities such as a clubhouse, swimming pool fitness center,and dog park for its residents to enjoy.
Berkadia Charlotte’s Caleb Troop and Thomas Colaiezzi along with Brian Long from RL West represented Langtree Development Company during this transaction.
