Uptown Charlotte’s First Transit Oriented Mixed-Use Residential Development Sells to LMC

CHARLOTTE, NC – NOVEL Stonewall Station by Crescent Communities, Uptown Charlotte’s first transit oriented mixed-use residential development has a new owner. The 459-unit multifamily asset traded from Crescent Communities to LMC, A Lennar Company.

CBRE’s Southeast Multifamily team represented the seller.

NOVEL Stonewall Station by Crescent Communities is a unique transited oriented, mixed-use development in the high-growth Sun Belt submarket. The land the development now occupies was formerly owned by the City of Charlotte and the Melissaris family, who originally acquired the property in 1984 and opened one of Uptown Charlotte’s first fine dining restaurants.  

Crescent Communities in partnership with the Melissaris family assembled, entitled, planned and developed the entire master plan including 459 high-rise and mid-rise residences, 60,000 sq. ft. of retail including uptown’s only Whole Foods and two future hotels all with direct access to the LYNX light rail Stonewall station.  The development team curated internationally renowned artist and architect, Marc Fornes to design a sculptural skin dubbed “Wanderwall” that wraps the development’s central parking structure. This unique screening installation is one of the largest displays of public art in Charlotte and was recognized by the Public Arts Network as one of the top 50 U.S. public artworks created in 2018. 

“NOVEL Stonewall Station exemplifies Crescent Communities’ unwavering commitment to developing distinctively crafted communities in exceptional locations throughout the country,” said Managing Director, Michael Tubridy “We were thrilled to work with LMC on this transaction and look forward to their continued commitment to excellence at NOVEL Stonewall Station.”  

NOVEL Stonewall Station is also home to a new Whole Foods Market, the only full-size grocery store in Uptown Charlotte. The developer previously sold the retail component of the development to Asana Partners in 2018. The property not only benefits from its proximity to many of Charlotte’s largest employers and cultural destinations, but also from its direct connectivity to the rapidly expanding list of popular destinations accessible via the light rail. Its location along the rail line represents the gateway between the South End and Uptown submarkets.

“We could not be more excited by the opportunity to acquire Novel Stonewall Station,” said Will Chapman, Managing Director of LMC Investments. “This is without a doubt a best-in-class property in an outstanding location. With its beautiful apartment homes and world-class amenities, this is exactly the kind of community today’s discerning apartment residents want to call home.”

“This is the type of property that represents exactly what investors are seeking in fast-growing Sun Belt markets,” said CBRE Senior Vice President, Kevin Kempf. “Walkability to high-paying jobs, convenience retail and connectivity to transit, coupled with market-leading finishes and amenities represent the future of in-town multifamily. NOVEL Stonewall Station is ahead of the curve.”

The Stonewall Corridor of Uptown is expected to add 3.2 million square feet of office space within the next three years, resulting in a massive job influx and the addition of an estimated 90,000 employees. With the strong population and job growth and a diverse economy, Charlotte’s multifamily market draws investor interest locally, regionally, nationally and internationally. The multifamily market is expected to continue to thrive as new office developments continue to draw diverse new industries and talented young professionals to the Queen City.