Development

This uptown apartment complex along the light rail just sold for $171 million

The apartments and parking deck surrounding Whole Foods in uptown Charlotte sold for $171 million last week, property records show, the latest piece of land to trade along the transforming Stonewall Street corridor.

Charlotte-based developer Crescent Communities sold Novel Stonewall Station, uptown’s first residential mixed-use development, to Lennar Multifamily Communities, according to a press release Tuesday from commercial real estate firm CBRE, which represented Crescent in the transaction. LMC is a subsidiary of homebuilder giant Lennar Corp., and has its eastern headquarters in Charlotte.

Crescent Communities planned the development, next to the light rail station, which includes 459 residential units and 60,000 square-feet of retail, including the Whole Foods and two hotels underway on adjacent lots.

In the release Will Chapman, managing director of LMC Investments, cited the location and “world-class amenities” of the complex.

LMC did not say whether they planned any changes for the site.

Crescent acquired the land from the city in 2015 for $10.3 million, but has since sold off portions of the development. The firm sold the retail space, including Whole Foods, to Asana Partners for $34 million last year.

Novel Station.jpg
The apartments surrounding Whole Foods, Novel Stonewall Station, sold to Lennar Multifamily Communities last week, commercial real estate firm CBRE said. Adam Bell abell@charlotteobserver.com

Also on Stonewall Street, the Presley Uptown apartments sold last week for $55 million to a pair of firms, on another piece of land once owned by the city.

The Observer reported last year that rent for the three-bedroom, two-bathroom penthouse unit in Novel Stonewall Station costs $15,037 per month. A 469-square-foot studio costs about $1,300, and a two-bedroom, two-bathroom unit rents for up to $3,270, according to Apartments.com.

The parking deck is wrapped by a “3D puzzle” art piece called “Wanderwall,” designed by Brooklyn-based artist and architect Marc Fornes.

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Danielle Chemtob covers economic growth and development for the Observer. She’s a 2018 graduate of the journalism school at UNC-Chapel Hill and a California transplant.
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