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.”
