Lucern Capital Ptrs. acquires distressed 80-unit multifamily
Charlotte, NC — Lucern Capital Partners, with a strategic partner, recently acquired Woodscape Apartments, a distressed 80-unit multifamily property in NC.
The property suffers from low occupancy, extreme delinquency and mismanagement among other issues. Sponsorship will be investing $18k/unit to reposition the property into a premier community in the local submarket and increasing rents and value dramatically.
Lucern Capital Partners is the latest group to buy in the submarket, upgrading the aging housing stock to cater to the modern renter who demands a higher quality of finishes, while seeking upgrades to the familiar amenities of yesteryear.