Marq Midtown 205 Apartments Trade For $63M
LMC, a subsidiary of homebuilder Lennar Corp, sold its 260-unit apartment development at 205 South Kings Drive to affiliates of CWS Capital, based in Newport Beach, CA, for $63.4M. The new owner immediately rebranded the property as Marq Midtown 205.
CWS is no stranger to the Charlotte market. CWS Apartment Homes owns two other Charlotte properties, Marquis at Carmel Commons and The Preserve at Ballantyne Commons in south Charlotte, the Charlote Business Journal reports.
As for LMC, it's currently developing a mixed-use project at the LYNX Blue Line New Bern Station in South End. The project will include 432 apartments and 26k SF of ground-floor retail next to the light-rail stop at the former Pepsi Bottling site. [CBJ]