SHREWSBURY, N.J., Jan. 24, 2020 /PRNewswire/ -- Lucern Capital Partners, a real estate private equity firm based out of New Jersey, announces three transactions completed in the Charlotte, North Carolina marketplace in the latter half of 2019 totaling $16.5 million.
The firm, active in the Charlotte market since 2017, exited The Reserve at Campbell's Creek in East Charlotte and acquired Nevin Place Apartments, and The Ridge at Enderly Park, located North and West of Charlotte's urban core, respectively.
"We are thrilled to continue doing business in the Charlotte MSA, and more broadly, North Carolina. The strength of the Charlotte rental market continues to grow unabated. When we purchased The Reserve at Campbell's Creek, the property was 40% occupied, had environmental damage, and hundreds of code violations. The property also suffered a massive fire shortly after acquisition. We executed a multimillion dollar renovation, improving rents greater than 100% in some cases, and exited during lease-up with stellar results for our limited partners and sponsorship," said Frank Forte, Managing Partner of Lucern Capital Partners.
The firm is betting on the continued sprawl of the Charlotte rental market both North and West of CBD Charlotte. North Charlotte and West Charlotte have posted some of the highest year over year submarket rental growth figures. These areas, traditionally overlooked for weak demographics and crime, have emerged as fast gentrifying pockets that offer shelter from the high notional and per square foot rents in the urban core.
The firm which was founded in 2016, is active and focused on the Northeast and Southeast markets of the United States, primarily New Jersey, Philadelphia and Carolinas MSAs. The firm seeks compelling risk-adjusted yields in the multifamily arena, investing in core-plus, value-add, and opportunistic return profiles.
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SOURCE Lucern Capital Partners