Lion Real Estate Group has recently acquired a two-property apartment portfolio in Charlotte, totaling 208 units. The properties have been rebranded as Creekside Canopy and this acquisition marks the firm’s third asset in the Charlotte market. It was made on behalf of Lion’s Fund III investment vehicle.
These two properties are located adjacent to each other, making it possible for them to be operated as one multifamily community. One property is called Reserve at Campbell’s Creek and is situated at 5616 Farm Pond Ln., while the other property, The Woodlands, can be found at 6401 Woodbend Dr. Both are located in East Charlotte which is known for its desirability and are only a short drive away from downtown.
According to Ben Kriegsman of Lion Real Estate Group, they were presented with a unique opportunity to purchase both properties out of foreclosure through negotiations with the previous sponsor’s lender who was represented by John Phoenix and Gavin Conlon from Cushman & Wakefield. As part of their plans for these properties, The Woodlands will undergo full renovations both inside and outside while Reserve at Campbell’s Creek has already been renovated before but will receive investments towards necessary deferred maintenance along with upgraded amenities.
