Lion Real Estate Group acquired a two-property, 208-unit apartment portfolio in Charlotte that was rebranded as Creekside Canopy. The acquisition expands the firm’s Charlotte market presence to three assets and was made on behalf of Lion’s Fund III investment vehicle.

The properties are located immediately next to one another, allowing them to be operated as a single multifamily community. Reserve at Campbell’s Creek is located at 5616 Farm Pond Ln. and TheWoodlands is located at 6401 Woodbend Dr. in the desirable pocket of East Charlotte, 20 minutes east of downtown.

Lion’s Ben Kriegsman said, “We had a unique opportunity to purchase both properties out of foreclosure in a transaction with the prior sponsor’s lender, which was represented by John Phoenix and Gavin Conlon at Cushman and Wakefield. The Woodlands will see a full renovation program on the interiors and exteriors. Reserve at Campbell’s Creek was previously renovated. Investments in necessary deferred maintenance and upgraded amenities will also be made at both.”

Lion Real Estate Group acquired Bradford Woods, a 312-unit multifamily property in Nashville. The latest purchase increases the company’s stake in the Nashville market to five and brings its multifamily portfolio to 26 communities across five states. They will re-brand the property as “The Grove Brentwood” and begin revamping the asset.

Lion’s Ben Kriegsman said, “The Grove will see a complete renovation program, inside and out. We are planning to completely overhaul the leasing office/clubhouse, gym, pool area, and all the other on-site amenities. Each of the unit interiors will undergo premium renovations to include stainless-steel appliances, quartz countertops, upgraded lighting, along with other interior upgrades.”

The community is located at 5242 Edmondson Pike. Lion said it secured the assumption of a Fannie Mae loan at a strong leverage point.

Lion is focused on acquiring value-add and opportunistic multifamily properties targeting marketing such as Nashville, Atlanta, Dallas-Fort Worth, Charlotte, Raleigh-Durham, Phoenix and Austin. 

Lion Real Estate Group, a value-add property buyer, purchased The Apartments at Radbourne Lake, a 225-unit multifamily property in Charlotte.

The Class B property is located at 3209 Westbury Lake Dr. in Charlotte, NC, and Lion states that the property has been well-maintained and managed throughout the seller’s ten-year ownership. The disposition was timed with the seller’s debt maturity and provided an opportunity for Lion to acquire its first asset in Charlotte at a highly discounted basis. 

Lion plans to add value to the asset by focusing capital expenditures on premium interior upgrades such as quartz countertops, energy-efficient LED lighting, stainless steel appliances in all units, new paint on the exterior of the property, updating the clubhouse, and other amenity upgrades. Lion expects to bring rents up to market rates as renovations are completed and improved curb appeal is achieved.

The asset acquisition is the company’s first in the Charlotte market and expands Lion’s multifamily portfolio to 29 communities across five states.