Two apartment communities along the seemingly endless boom of Stonewall Street in uptown are under new ownership after recent deals have closed.
Novel Stonewall Station and Presley Uptown sold for $171 million and $55.3 million, respectively, according to Mecklenburg County real estate records. Charlotte-based LMC acquired the 459-unit Novel Stonewall Station, at Stonewall and Caldwell streets. JLL Income Property Trust and Penler, a relatively new multifamily investment and development group based in Atlanta, purchased Presley Uptown, which includes 230 apartments at McDowell and Stonewall streets.
Presley Uptown was developed and sold by local developer Proffitt Dixon Partners, which began delivering units at Presley a few years ago — the first of two Stonewall corridor projects for the developer.
Penler said it planned to refresh some common areas of the property in the coming year, with future updates to include smart-home technology throughout the property. Penler and JLL paid about $240,000 per unit at Presley.
Graham Carpenter, managing partner at Penler, said in a statement that the Presley acquisition is a prime example of the firm's strategy to acquire "well-located, infill projects in high-growth Southeastern markets at an attractive cost basis."
Allan Swaringen, president and CEO of JLL Income Property Trust, said in a statement that the Presley acquisition brings the company's apartment allocation to more than $950 million and 3,600-plus units.
Both of the properties sold last week were developed as a result of surplus land after the $21 million reconstruction of Interstate 277 and the South Caldwell Street interchange. The city sold the excess parcels to several real estate developers that ultimately built hundreds of apartments, for-rent townhouses and retail space, including uptown's first full-service grocery store. Crescent acquired its piece for more than $10 million while Proffitt Dixon Partners paid $3.8 million for the land where Presley Uptown is today.