L Star Management LLC, one of North Carolinaâ€™s leading development and real estate management firms has partnered with Charlotte-based Mountain Real Estate Capital to acquire TidalWalk
Online PR News – 05-February-2011 – – L Star Management LLC, one of North Carolinaâ€™s leading development and real estate management firms has partnered with Charlotte-based Mountain Real Estate Capital to acquire TidalWalk, a luxurious seaside community located on the Intracoastal Waterway in Wilmington, NC.
The partnership was able to work withSouthern Community Bank and Trustto assess the property and close the sale in less than two weeks before year-end. â€śFortunately, we received a lot of cooperation from the city and from the selling bank, and of course from the development professionals on LStarâ€™s staff,â€ť said Arthur Nevid, Mountain Real Estate Capitalâ€™s Chief Investment Officer.
The gated development, which features 197 lots and 1,300-feet of frontage on the Intracoastal Waterway,has a private beach, more than 2 miles of roadway already installed, an existing pier and boat slip and approvals for 9 additional slips, and approvals for 9 additional slips. There is also a small island . Planned amenities include a clubhouse and pool, as well as a network of trails and boardwalks.
We're excited to carry on the original vision for TidalWalk,â€ť said Kyle Corkum, President of L Star. "Because we purchased this property with no mortgage existing owners, future buyers, and the people of Wilmington can now take comfort in the financial stability of this beautiful waterfront community."
L Star is a highly experienced site selection and asset management firm based in Raleigh, North Carolina. Partnering 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 land acquisition, project/asset management, site development, design, planning, permitting, real estate law, finance and construction. As of Q4 2010, L Star Management LLC has closed nearly 5,000 units in the Carolinas. For more information visit:http://www.LStarland.com