Closed Deals

Walnut Creek (Edenmoor)- Lancaster, SC

Walnut Creek (formerly known as Edenmoor) located 10 miles south of Ballantyne in Charlotte, NC is an 868 acre master-planned community currently entitled for 2,150 lots and 100,000 square feet of commercial. To date, 69 homes have been built and 43 lots are owned by builders. An additional 307 lots are fully developed, 583 lots are partially developed and 1,148 lots are undeveloped.

A $5 million County Park was started and nearly completed by the prior developer. The park includes an EMS station, lighted baseball and softball fields, soccer fields, a skate park, tennis courts, playground and the new offices for Lancaster County Parks and Recreation staff. The park facilities and buildings are being completed by the new partnership and will be dedicated to the County.

A key to the transaction was the purchase of $33 million in Community Improvement District (CID) bonds. The bonds were purchased from seven investment banks including Goldman Sachs, Oppenheimer and T. Rowe Price, among others.

L Star partnered with Saybrook to purchase the bonds in June. The partnership purchased the real estate in October.

For more information, visit Walnut Creek.

Brightleaf at the Park- Durham, NC

As one of the premier master planned communities in the Triangle, Brightleaf’s proximity to the Research Triangle Park (RTP) makes it highly sought after by homebuyers. The community is only 4 minutes to RTP, 7 minutes to Brier Creek and 12 minutes to the Raleigh-Durham International Airport.

Located near the intersection of Highway 70 and Sherron Road in Durham, Brightleaf is planned for 2,866 units over 14 phases. The acquisition includes 67 VDL, 79 PDL and 743 UDL.

Brightleaf’s activity center, called The Brightleaf Club, is a Tim Wilkison signature private club that includes a swim complex with a Junior Olympic Pool, a zero entry beach pool with twin slides and a toddler pool with splash pad and fountains. The Club also includes a 24-hour fitness center plus an expansive tennis facility.

L Star partnered with Mountain Real Estate Group to purchase Brightleaf as REO from SunTrust Bank.

Visit Brightleaf at the Park for more information.

Kellswater Bridge- Kannapolis, NC

Kellswater is a master-planned community located in Kannapolis, NC. Planned for 740 lots, to date roads have been constructed for 235. Additionally, a grand entrance, landscaped boulevard, multiple community parks and a large pool and clubhouse complex have already been constructed.

The property is approximately 12 miles northeast of Charlotte. Among other attractions, Kannapolis is home to the NC Research Campus, a $1.5 billion campus for biotechnology, nutrition research and health being developed by David H. Murdock (Castle & Cook/Dole Foods).

L Star and Mountain Real Estate Group partnered to purchase the Note from CommunityOne Bank.

Visit Kellswater Bridge.

TidalWalk- Wilmington, NC

Located on the Intracoastal Waterway in Wilmington, NC, TidalWalk is a 197 lot waterfront and boating development. The community is substantially developed with a nearly complete road system, utilities, a pier, a partially built community clubhouse. Approvals have been received for 10 boat slips. In addition, a pool complex is planned. Only one half mile south is Inlet Watch Marina and the Carolina Beach Inlet providing boating access to the Atlantic Ocean.

The 1,300 feet of frontage on the Intracoastal Waterway includes sandy beaches and Green Turtle Hammock Island, which will be accessible by a short boardwalk. Numerous home sites will have views of the Intracoastal Waterway and Atlantic Ocean.

L Star partnered with Mountain Real Estate Group to purchase TidalWalk as REO from a consortium of lenders led by Southern Community Bank.

Click here to learn more about TidalWalk.

Sunset Manor- Rolesville, NC

Sunset Manor is a 38 lot single-family community located in Rolesville, North Carolina. Four lots have been sold to date and one home built. The acquisition includes the balance of the lot inventory totaling 34 lots.

Rolesville is the fastest growing town in eastern Wake County due to several factors including good schools, quality of housing across several price points and excellent roadway infrastructure. Sunset Manor benefits from these attributes along with its close proximity to I-540 providing easy access to downtown Raleigh and Research Triangle Park (RTP).

A high school campus is currently under construction adjacent to Sunset Manor. The high school is a prototype that was recently awarded the 2011 Architectural Design Award for Best Proposed Project at the Council of Education Facility Planners International Southeast Regional Conference. A new middle school is also under construction only 2.5 miles from the community.

Sunset Manor is the third community purchased by Meritage Homes with the purchase orchestrated by LStar.

To learn more about the homes in Sunset Manor, go to Meritage Homes.

Weston Downs- Durham, NC

Located in the high demand, south Durham market, Weston Downs is a partially-developed custom home community in Durham, NC. Twenty-two lots were developed in Phase 1, six lots were sold, and sixteen remain. Six homes have been built to date. Phase 2 has approvals for fifty-two additional lots.

The community is only four miles from UNC-Chapel Hill and five miles from the Streets at Southpoint Mall.

Weston Downs is the second community purchased by Meritage Homes in the Raleigh-Durham market. L Star continues to work with Meritage Homes for future acquisitions in the Triangle area.

Visit Meritage Homes for more information on Weston Downs.

Inwood Forest- Raleigh, NC

Inwood Forest is a fully-developed, 50 lot community in Raleigh, NC. The acquisition consisted of the 46 remaining unsold lots in the community. Designed using "green" principles, the roads were designed to minimize impacts to the land. All the lots remain wooded and 60 acres was set aside as open space. The land surrounding the community is owned by NCSU providing additional open space for the community.

Located off Lake Wheeler Road, Inwood Forest is only 6 miles from downtown Raleigh, 4 miles from Centennial Parkway and the State Farmers Market, 3.5 miles from I-40 and 6 miles from Crossroads Shopping Center.

Inwood Forest is the entry into the Raleigh market for Meritage Homes. As part of Meritage Homes' southeastern expansion strategy, Raleigh is a key market. L Star is currently working with Meritage Homes on several additional acquisitions in the Triangle.

Click here to learn more about Meritage Homes and Inwood Forest.

Glen Lake- Raleigh, NC

Glen Lake, located near the I-440 Beltline, is an infill community in the affluent submarket of Raleigh where Downtown merges with North Raleigh. Once complete, the community will feature 206 homes--31 single family homes and 175 cottage style villas.

Drawing on classic European influences, homes are stone and brick with arched windows, tapered columns and steep pitched roofs. The streets are tree-lined with manicured landscaping and extensive stone work.

The community is in excellent proximity to downtown Raleigh, the Beltline, Interstate 40, Rex Hospital and the NC State University Campus. This is the third acquisition L Star managed for Ashton Woods. This acquisition includes 8 single family lots, 78 villa pads and land for an additional 61 villa units.

For information on Glen Lake, visit Ashton Woods Homes.

Cardinal Oaks- Durham, NC

Cardinal Oaks is a proposed 140 lot subdivision in Durham, NC. Planned on 46 acres, the community will feature 50' wide single family lots.

The property is less than 10 miles from Duke University, Research Triangle Park, Brier Creek and downtown Durham, making it an ideal location from both an employment and shopping perspective.

Planning and permitting are underway with the City of Durham. Construction could begin in late 2011.

Albemarle Plantation- Hertford, NC

Albemarle Plantation is a partially developed, master-planned golf and boating community in northeastern North Carolina approximately 45 minutes south of Norfolk, Virginia. When fully developed, the community will consist of over 3,200 homes, over five miles of coastline, three golf courses, two marinas, several miles of hiking trails and a commercial village square.

The existing Phase I consists of 1,100 total lots on 845 acres. At time of acquisition, approximately 1,025 lots had been finished with roads and utilities, 900 lots/units had been sold, and approximately 400 homes had been built. An 18-hole golf course, clubhouse & pool complex, and 166-slip marina had also been completed. In Phases II, III and IV, an additional 2,100 lots/units are planned along with 27 holes of championship golf and other first class amenities.

Weston Place- Cary, NC

Weston Place is a 156 unit luxury town home community in Cary, NC. 101 units remained to be built. Exceptionally located near the center of Cary, this community is less than 10 minutes from the Research Triangle Park (RTP). The amenities, entry features and horizontal infrastructure had been installed and no significant improvements were required to sell out this community.

L Star negotiated the purchase on behalf of a local builder—Forever Home. This acquisition by Forever Home achieved a significant strategic goal of establishing a presence in the heart of Cary.

To learn more about the homes in Weston Place, go to Forever Home NC.

Laurel Park (now Ellington Place)- Apex, NC

Ellington Place is a 151 lot community in Apex, NC. Located on the Cary / Apex line, Ellington Place provides easy access to Apex High School, Research Triangle Park and other major employment centers in the area. Additionally, Ellington Place is close to several major retail centers in both Cary and Apex. Within one of the top submarkets of the Raleigh MSA, this community was highly sought after by many of the national and regional homebuilders.

The first of the three phases has roads installed (50 of 151 lots). L Star facilitated the acquisition of Phases 1 and 2 with a national homebuilder and retained Phase 3.

Visit Lennar Homes for more information on Ellington Place.

Chessington- Cary, NC

Located less than 1 mile south of Research Triangle Park, Chessington is a 53 lot community off Davis Drive in Cary, NC. Chessington’s close proximity to Research Triangle Park, I-540 and superior shopping has made this one of the most sought after communities in the area.

L Star acquired the remaining 31 lots for Ashton Woods to mark their entry into the Raleigh market. This high profile location and superior pricing advantage make this an exceptional acquisition for both firms.

For more information on homes in Chessington, click here.

Grace Park- Cary, NC

Grace Park Townhomes is an urban infill mixed-use project consisting of 52 townhome units in 9 buildings. The overall Grace Park development consists of apartments over retail and restaurants plus numerous outparcels. Within walking distance of the town homes are several retail outlets including Starbucks, 24 Hour Fitness, Carmike Cinemas, KinderCare, and many specialty shops and restaurants.

Located in Morrisville, NC at the intersection of Davis Drive and Davis Commons, the project is approximately 1 mile from Research Triangle Park (RTP). Morrisville is a highly desirable submarket with strong employment, excellent schools and easy commuter access.

Grace Park was the second acquisition L Star orchestrated for Ashton Woods. The acquisition includes 10 partially complete units and 41 fully developed town home pads. Amenities include park areas, a playground and green way access with connectivity to the entire Town of Morrisville park system.

Visit Ashton Woods Homes for available homes at Grace Park.