Crescent Communities Sells Apartment Community in Charlotte’s Lower South End District for $140M

by John Nelson

CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes.

Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas.

Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under construction. Crescent Communities also plans to break ground soon on Novel Ballantyne in the city’s Ballantyne office submarket.

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