Blackstone REIT Purchases Charlotte NC Apartment Development
January 18, 2022 | James Sprow | Blue Vault
The real estate arm of New York-based Blackstone Inc. recently acquired an apartment development off Park Road, property records show.
Blackstone Real Estate Income Trust purchased Novel Montford Park at 1520 Mockingbird Lane for $126.67 million, according to Mecklenburg County real estate records. The deal was finalized on Dec. 30.
Blackstone (NYSE: BX) bought the property from The Praedium Group, a real estate investment firm based out of New York. The Praedium Group owned Novel Montford Park for just shy of a year. The firm acquired the building on Jan. 4, 2021, for $96 million, CBJ previously reported. Novel Montford Park, developed by Charlotte-based Crescent Communities, delivered in 2019. The 337-unit development features studio-, one-, two- and three-bedroom apartments ranging from 527 to 1,399 square feet. A clubroom, fitness center, saltwater pool, library, rooftop terrace and dog park are among the community amenities. There is a 575-space parking deck with a drive-in movie screen at the top.
The property includes 16,000 square feet of ground-floor retail that fronts Park Road, with Waterbean Coffee, F45 Training and Vintage Nail Bar as tenants. Adam Williams with Legacy Real Estate Advisors is handling the retail leasing. About 6,400 square feet of retail space is available, according to Legacy’s website.
The acquisition continues Blackstone’s steady growth in the Charlotte market. In October, Blackstone picked up Tryon Farms Apartments for $54.5 million. In 2020, it acquired Park at Steele Creek for $47.3 million and The Palmer for $63 million.
Source: Charlotte Business Journal
