Berkadia Completes $76M Sale of Multifamily Mixed-Use Property in North Carolina
CHARLOTTE, N.C. – October 23, 2024 – Berkadia announced today the $76 million sale of LangTree Lake Norman, a 300-unit midrise multifamily mixed-use property located in Mooresville, North Carolina. Managing Director Caleb Troop and Director Thomas Colaiezzi of Berkadia Charlotte, along with Brian Long of RL West, represented Langtree Development Company in the sale to an affiliate of Raleigh-based Blue Heron Asset Management, LLC. The transaction closed on October 15.
“Blue Heron is the perfect group to steward this community into the second generation,” said Troop. “This asset sits perfectly at the front door of Iredell County within the vibrant LangTree village, and I cannot wait to see the vision of LangTree continue to come to life.”
LangTree Lake Norman includes approximately 48,000 square feet of ground-floor retail space with a vibrant mix of local and regional tenants. RL West and Langtree Development Company, the original owners and developers of LangTree, retain ownership of Buildings 105 and 106 along Langtree Road and the commercial buildings fronting Mecklynn Road. No immediate plans are ready to be announced regarding future phases of the rest of the LangTree site, which will remain owned by Langtree Development Company.
“We’re excited to be a part of the LangTree community and believe the property’s location is truly irreplaceable,” said Kevin Wade, Managing Director at Blue Heron Asset Management, LLC. “With our operational plans and community improvements, LangTree Lake Norman will continue to be a special part of the town of Mooresville, offering a great place to live for our residents along with destination retail on the lake.”
Along with enhancements to community space within LangTree, 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.
Located at 150 Landing Drive, LangTree Lake Norman features one-, two-, and three-bedroom floor plans with in-unit washers and dryers, a full appliance package, and balconies. Community amenities include a large clubhouse, a swimming pool, a fitness center, and a dog park. The property affords residents convenient access to Interstate 77 at Exit 31 with a wealth of walkable retail options, and hosts several community events, including the LangTree Live concert series.
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