LMC, a leader in apartment development and management, today announced its acquisition of Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of Charlotte's most sought-after rental submarkets. The transaction marks LMC's first acquisition of an existing multifamily community.

Novel Stonewall Station, which features 459 luxury apartment homes and a full-sized Whole Foods Market on the ground floor, offers walkability to Charlotte’s core central business district employers and Uptown’s entertainment attractions. It also is adjacent to the Stonewall Station light-rail stop, which allows residents to easily travel to South End and NoDa, two of Charlotte's other thriving intown neighborhoods. With the acquisition, LMC now owns three Class A, transit-oriented communities in the city. The other two communities are Bradham at New Bern, located in South End, and The Ellis in Uptown.

“The Charlotte apartment market is a healthy one, and our first-ever acquisition provides us with a way to scale our presence in the market and add a true trophy asset in the Queen City,” said Todd Farrell, president of LMC. “The strategic move to acquire these types of communities will serve as a complement to our ongoing development efforts and will allow us to continue to build our portfolios in desirable submarkets."

Situated at 400 East Stonewall Street, Novel Stonewall Station sits at a nexus of employment, recreation, entertainment and transportation. The area immediately surrounding the property is undergoing a monumental transformation, with several mixed-use developments and office towers under construction or planned. More than 2.9 million square feet of new Class A office space will be added within four blocks of the community by 2021. Major nearby employers include Duke Energy, Wells Fargo, Bank of America, Regions and WeWork. In addition, Interstates 77 and 277 are nearby to provide residents with easy connectivity to the rest of the metro Charlotte area. 

"We are excited about the addition of Novel Stonewall Station to our portfolio," said Will Chapman, managing director of LMC Investments. "This is truly a landmark asset in an unbeatable location within one of the nation's fastest-growing metro areas. And with its array of outstanding interior finishes and top-notch, in-demand amenities, it is a highly desirable home for today's discerning apartment residents."

Novel Stonewall Station offers studio, one-, two- and three-bedroom apartment homes. The homes range in size from 469 to 2,563 square feet and represent a mix of mid-rise and high-rise residences.  

Community amenities include an invisible-edge saltwater pool, rooftop beer garden overlooking the Charlotte skyline, skyline fitness center with state-of-the-art Technogym equipment, Peloton bikes, group fitness room, co-working lounge and conference room, 24-hour package lockers and a rooftop dog park.

LMC, a leader in apartment development and management, was recently honored with a Grand Aurora Award at the Southeast Building Conference for its Lumen at Tysons apartment community in Tysons, Va. Lumen was recognized as the Best On The Boards Mixed Use or Multifamily Community. 

The 32-story community, which welcomed its first residents this year, boasts the highest elevation in Fairfax County and offers breathtaking views of the neighborhood and beyond. Lumen sits at the northwest intersection of Leesburg Pike and Chain Bridge Road and within steps of the Greensboro Metro Station. 

“We’re honored to be recognized with a prestigious Grand Aurora Award, which we believe is a humbling testament to our team’s commitment to excellence in the development process,” said Todd Farrell, president of LMC. “Lumen at Tysons is truly a unique community, and we’re delighted to receive the positive feedback as we continue to develop our identity as a brand-new community in the neighborhood.”

Built in conjunction with Faulkner Design Group, Hoar Construction and architect Davis Carter Scott, Ltd., Lumen boasts a sophisticated design that includes amenity areas on Floor Nos. 1, 7, 15, 23 and 32. The latter includes a rooftop pool deck with cabanas and lounge, fire pit, social club, tasting room and demonstration/catering kitchen. The 23rd floor contains a state-of-the-art, 24-hour fitness center, while the 15th offers a social bar/lounge while the seventh is notable for co-work office space and landscaped terrace with grilling stations. 

Apartment interiors offer several high-end features, including three distinct color schemes, quartz countertops, Italian cabinetry, under-cabinet lighting, high-end light fixtures and 10-foot ceilings with floor-to-ceiling windows. The community offers studio, one- and two-bedroom homes with penthouse layouts with upgraded finishes and appliances available.

Lumen, which also includes ground-floor retail space, boasts a prime location within an international shopping district that includes super-regional malls Tysons Corner Center and Tysons Galleria. Residents benefit from a commuter-friendly location minutes away from the Capital Beltway (Interstate 495) and several additional key thoroughfares. 

The Southeast Building Conference is hosted by the Florida Home Builders Association and is the largest building industry trade show in the southeast. The 2019 Aurora Awards spanned 59 categories, encompassing all facets of the residential, commercial and remodeling industries. 

LMC, a leader in apartment development and management, today announced the start of leasing at 17th & Broadway, a mixed-use high-rise apartment community in Downtown Oakland. 

The 34-story community, which represents LMC’s first development in Oakland, consists of 254 luxury apartment homes, 4,800 square feet of ground-floor retail space and three floors of deluxe amenities. The community offers fully integrated smart homes with superior Wi-Fi coverage and smart home programming for temperature control and electronic roller shades. Move-ins are anticipated for September. 

“We first want to give credit to the City of Oakland and their staff for the guidance and expertise they shared with us to bring this building to actuality,” said Tyler Wood, vice president of development for LMC. “Projects of this scale require an advanced team approach where all parties to work together in a constructive and synergistic fashion. We cannot give enough credit to all of the people associated with the project, from community stakeholders and City staff to our architectural, engineering, and contractor trade partners.  Everyone should feel a sense of pride that they contributed meaningfully to 17th & Broadway.”

Located at 447 17th Street, 17th & Broadway includes a large public art feature constructed by local Oakland artist David Huffman. The community boasts prime connectivity with a one-minute walk to BART, a Walk Score of 99 and a Bike Score of 91. Oakland’s Uptown and Old Town districts are easily accessible from the community and Downtown San Francisco is within a 12-minute commute. The community also offers near-immediate access to the area’s key thoroughfares and two BART stations (12th and 19th streets). In addition, Lake Merritt and Snow Park are within walking distance of the community. 

17th & Broadway offers 1-, 2- and 3-bedroom contemporary apartment homes equipped with a variety of high-end features and finishes. Included are nine-foot ceilings, quartz countertops and vanity tops, glass-tile kitchen backsplashes, Barbosa designer cabinets, stainless-steel appliances, custom pendant lighting, hard surface flooring, ceramic tile shower surrounds and front-loading washers and dryers. 

The community also provides residents with an abundance of lifestyle-enhancing amenities on the first, sixth and 34th floors. First-floor amenities include a lobby seating area with 18-foot ceilings, full-time concierge service, bike parking, large mailroom with digital package lockers and a must-see pet washing and grooming station. The sixth floor offers an outdoor pool, spa, lounge area, barbecue grills, fire pit and creative co-working space with televisions and seven reservable conference rooms. The floor is also home to a 24-hour fitness and training center that includes cardio equipment, weights and LMC’s exclusive motivational wall powered with extreme Go-Pro content. 

On the 34th floor, a Penthouse level lounge offers a game room, pool table, commercial-grade entertainment kitchen, private-dining solarium and an entertainment room with floor-to-ceiling glass and panoramic views of the city skyline. The floor also includes a sky deck with multiple fire pits, wet bar, stunning views and a large event and gallery space designed to lease to residents and third parties for private events.  

“17th & Broadway will be a unique addition to Oakland apartment living, combining walkability and a transit-oriented location adjacent to BART with high-end finishes and an amenity-rich lifestyle,” Wood said. “The community will be the premier place to live in Downtown Oakland, providing residents with an unparalleled living experience and easy access to a wide variety of neighborhood attractions.”

Including 17th & Broadway, LMC has five apartment communities in operation or under construction in the Bay Area. Others include Capitol 650 (Milpitas), Novo (Mountain View), 19th + Harrison (Oakland) and AYA (Fremont).

LMC, a leader in apartment development and management, today announced the start of leasing at Oceanaire, a luxury apartment community located in the heart of downtown Long Beach. First move-ins are anticipated for this summer.

Oceanaire features 216 apartment homes, near-direct proximity to the beach off Ocean Boulevard and high-end finishes. The podium-style community offers seven stories of apartment homes along Ocean Boulevard and boasts views of the ocean, port and downtown. 

“Downtown Long Beach possesses such a distinctive vibe with its signature shoreline and variety of shopping, dining and entertainment options,” said JJ Abraham, division president of California for LMC. “We are thrilled to join the neighborhood and offer what we believe is a top-of-market experience for our residents that perfectly complements the laid-back beach vibe.”

Located at 150 Ocean Boulevard, the midrise community sits within a mile of the eclectic East Village Arts District and a short walk from the Aquarium of the Pacific. The neighborhood boasts a Walk Score of 90, signifying a walker’s paradise where most daily errands do not require a vehicle. Several transit options are within a half-mile of the community, including Long Beach Transit Mall, Pacific Station and 1st Street Station. 

Along Ocean Boulevard and throughout downtown, Oceanaire residents have prime access to a variety of boutiques, restaurants, craft breweries and waterfront dining. Shoreline Village, and its boardwalk shops and scenic harbor views, is a short walk south of the community. The Pike Outlets provide another nearby dining and entertainment district across the street from the community. Pine Avenue and The Promenade provide additional shopping options to the north. 

Oceanaire offers studio, 1-, 2- and 3-bedroom apartment homes with two distinctive designer-inspired finish options. Expansive kitchens are delivered with custom pendant lighting, Samsung stainless-steel appliances, quartz countertops, upgraded cabinetry with under-mount ambiance lighting and ceramic-tile backsplashes. Additional apartment features include luxury vinyl-plank flooring, in-home washers and dryers, roller shades, Nest thermostats, and in master bedrooms, walk-in closets and large bathrooms with quartz countertops and ceramic tile shower surrounds. 

Community amenities include outdoor terrace seating with daybed lounges, swimming pool, yoga lawn, clubroom with TVs, outdoor bar and lounge, state-of-the-art fitness center, barbecue/dining area. Pet-owning residents can utilize Victory Park, which is located adjacent to the community. Residents also have access to two levels of podium-style parking.

LMC, a leader in apartment development and management, today announced the start of leasing at Canvas, a luxury mixed-use apartment community located in Downtown Denver.

Situated between the Ballpark neighborhood and River North (RiNo) District, Canvas features 240 apartment homes and approximately 5,200 square feet of retail space. The podium-style community offers five stories of apartment homes atop ground-floor retail space and boasts superb views of the mountains and city skyline. First move-ins began earlier this month. 

“New apartment homes in Downtown Denver remain in high demand, and we’re thrilled to join one of the most thriving submarkets within the city,” said Scott Johnson, division president of the Mountain States for LMC. “Canvas will offer a truly walkable urban lifestyle close to restaurants, retail, bars, live music venues and Coors Field, all while offering the high-end finishes and modern conveniences craved by today’s sophisticated renter.”

Located at 2401 Blake Street four blocks north of Coors Field, Canvas is uniquely positioned to access the many dining, entertainment and cultural options within the downtown sector while offering prime connectivity to the greater metropolitan area. Multi-modal hub Union Station and its numerous transit options are within a mile of the community. Interstates 25 and 70, the key thoroughfares of the city, are also within a short drive. The site is also within walking distance of Denver’s thriving Central Business District. 

Canvas possesses a Walk Score of 90 and Bike Score of 94, representing a paradise for each. Some of the numerous nearby walkable/bikeable attractions include Coors Field (home of the Colorado Rockies), Blake Street Tavern, Great Divide Brewing Co., Cherry Cricket and Ophelia’s Electric Soapbox, a multi-level restaurant and live music venue. Nearby recreational options include Commons Park and City of Cuernavaca Park, which each offer riverside trails and shady picnic areas. 

Canvas offers studio, 1- and 2-bedroom apartment and townhomes ranging in square footage from approximately 590 to 1,250. Smart-home capabilities include programmable thermostats and built-in USB ports to ensure residents remain connected. Apartment interiors are delivered with large, modern kitchens with islands and custom pendant lighting, custom cabinetry with under-mount lighting, stainless-steel appliances, quartz countertops, ceramic-tile backsplashes, luxury vinyl-plank flooring, in-home washers and dryers and walk-in closets. Bathrooms include tile shower surrounds and oversized tubs. Many of the apartment homes offer expansive views of the Colorado Front Range, Downtown Denver and Coors Field.

Community amenities include a two-story, 24-hour fitness and training facility, pool and spa courtyard, social courtyard with outdoor bar and fire pit, resident lounge with study niches and games, rooftop sky lounge with indoor/outdoor seating and spectacular views of downtown and Coors Field, including a pet grooming room and bike wash. Residents also have access to onsite storage and bike parking, electric-vehicle charging stations and 24-hour package acceptance. 

Canvas is LMC’s seventh development in the Denver area. Others include Malbec at Vallagio, Beacon85, Parkhouse, Sync36, Strata and Radiant. 

LMC, a wholly-owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the final closing of Lennar Multifamily Venture II (LMV II). LMV II is a $1.3 billion equity fund targeting investments in Class A multifamily communities in the 25 top U.S. metropolitan markets.

LMV II follows on the heels of the successful Lennar Multifamily Venture (LMV) fund and features many of the same investors. LMV II's ownership includes eight prominent institutional investors, a group that consists of foreign pensions, sovereign wealth funds, banks and insurance companies. Lennar Corporation also has a $381 million commitment to the venture. Like its predecessor, LMV II will aim to provide superior risk-adjusted returns through a "build-to-core" strategy. LMV II will develop and acquire apartment communities and hold them to generate cash flow for the duration of the fund’s eight-year life. 

The new fund focuses on the top growth and gateway markets in the United States, which are characterized by strong long-term demand fundamentals and constrained supply. It will also capitalize on LMC's deep construction expertise to build multifamily communities at an attractive cost basis, and will benefit from LMC's fully integrated development management, property management and asset management platforms. With target leverage of 50 percent, LMV II will provide LMC with capital to develop and acquire $2.6 billion in multifamily assets across the United States. 

"The creation of LMV II represents a tremendously important milestone for our multifamily business," said Rick Beckwitt, CEO of Lennar Corporation. "The new fund empowers us to accelerate the growth of our highly successful LMC platform and maintain a long-term ownership position in income-producing communities. Having the ability to add significant value through the development process and to then continue to own a portfolio of income-producing properties is such a powerful combination for LMC."

Todd Farrell, President of LMC, said, “The creation of LMV II is validation of the success of its predecessor and a vote of confidence in the company. We could not be more excited about the closing of LMV II and the opportunity to substantially grow our portfolio of what we believe to be the premier communities in the best markets in the country. We are honored that so many of the investors in LMV have chosen to increase their investment with us. This increased partnership is something that we deeply appreciate and will work relentlessly to validate."

John Gray, President of LMC Investments, added, "LMV II gives LMC a material competitive advantage over our peers when it comes to acquiring land, achieving scale and developing high-quality assets. We take great pride in the investor base of LMV II on the heels of strong performance in the first LMV vehicle and aim to continue our track record of delivering outsized returns for long-term partners and investors."

Macquarie Capital acted as financial advisor and placement agent for LMC.