L Star Management and Mountain Real Estate Capital buy Durham’s Brightleaf at the Park
DURHAM NC—L Star Management, LLC announces the closing of Brightleaf at the Park with Mountain Real Estate Capital (MREC). Brightleaf is MREC’s fourth acquisition in the Raleigh/Durham market with L Star.
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. Brightleaf, a partially developed community, is located near the intersection of Highway 70 and Sherron Road in Durham. The community is planned for 2,866 units over 14 phases. Nearly 900 single-family and townhomes remain to be built. Lots range from 50 to 90 feet widths with finished, partially finished, and future lots available. The acquisition includes 67 VDL, 79 PDL and 743 UDL.
Brightleaf’s activity center, 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 as well as an expansive tennis facility. A brand new elementary school also exists within the community.
Kyle Corkum, managing partner of L Star, added, “You can't beat Brightleaf's location. The community is less than five minutes from Research Triangle Park, less than 10 minutes from Brier Creek with all its shopping and restaurants and less than 15 minutes from the airport. With its wide selection of home styles and price points, it's easy to see why Brightleaf is such a desirable community.”
Based in Raleigh, North Carolina, L Star is a real estate investment firm that specializes in acquiring distressed debt. The firm partners with some of the country's pre-eminent private equity and wealth management funds; L Star acquires assets across the Southeast.
L Star's senior staff has more than 200 years combined experience in the disciplines of land acquisition, project/asset management, site development, design, planning, permitting, real estate law, finance and construction. As of Q4 2011, L Star has closed over 7,200 units in the Carolinas. For more information visit: http://www.LStarLand.com.
Media Contact:
Kyle Corkum
L Star Management, LLC
(919) 256-1981
(919) 256-1982 (fax)
Kyle@LStarLand.com