Lucern Capital Partners announces the disposition of Thompson Place Apartments in Charlotte, North Carolina, for $8.35 million.
RED BANK, NEW JERSEY, AUGUST 30, 2023: Lucern Capital Partners, a real estate private equity firm based out of New Jersey, announces the disposition of Thompson Place Apartments in Charlotte, North Carolina, for $8.35 million.
The firm, active in the Charlotte market since late 2016, marks another roundtrip transaction in Charlotte. Previous transactions have been located in pockets East, West, and North of the urban core.
“When we purchased Thompson Place Apartments, the property was being operated by a long-term family ownership group. We have been bullish on the West side of Charlotte for almost as long as we have been doing business in the MSA. We spotted significant value and inefficiency in the asset’s operation and rental levels. Through a programmatic value-add execution, we increased rents dramatically during our ownership, driving a 41% IRR during our hold period. Best of all, we laid the groundwork for the Buyer of this asset to continue the value-add story and track Northwest Charlotte’s growth pattern. We are excited to monitor the Buyer’s progress and the next generation of this fantastic asset. We look forward to continuing to be a part of the MSA’s success story”, said Frank Forte, Managing Partner and Chief Investment Officer of Lucern Capital Partners.
The firm has bet on the continued sprawl of the Charlotte rental market both North and West of CBD Charlotte. These areas have emerged as fast gentrifying pockets, proximate to significant employment opportunities that offer shelter from the high notional and per square foot rents in the urban core.
About Lucern Capital Partners
Founded in 2016, Lucern Capital Partners is a real estate investment firm that makes opportunistic investments in industrial, multifamily, and mixed-use assets in the Sunbelt, with a focus on the Carolinas. Since its inception, the firm’s focus has centered on delivering compelling risk-adjusted yields for accredited investors.