Updated Dec 4, 2024
Blue Heron Asset Management Acquires LangTree Lake Norman Multifamily Property In Mooresville For $76M
Lansing Drive
$76,000,000
Units
300
Asset Type
MultiFamily
Closing
Oct 15, 2024
About this deal
AI
LangTree Lake Norman is a 300-unit multifamily property located at 150 Landing Drive in Mooresville, NC. The sale price for the property was $76,000,000, resulting in a per unit price of $253,333.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Units: 300
- Buyer: Blue Heron Asset Management, LLC
- Seller: Langtree Development Company
- Brokers: Caleb Troop, Thomas Colaiezzi - Berkadia & Brian Long - RL West
Berkadia facilitated the transaction of LangTree Lake Norman, representing the interests of both the buyer and the seller in this multifamily asset deal.
On the Map
$76,000,000
MultiFamily
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Players
Kingsland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93