Lucern Capital Partners, a real estate private equity firm based in Shrewsbury, announced on Friday three transactions in the North Carolina marketplace for $16.5 million.
The firm said in the second half of 2019, it 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 center, 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,” Frank Forte, managing partner of Lucern Capital Partners, said.