Chicago, IL, July 24, 2019 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, has acquired the Lowrie, a 2018-built, 245-unit Class A multifamily property in the upscale Ballantyne submarket of Charlotte, North Carolina.
“The Lowrie is a top-of-the-line multifamily property in the heart of Ballantyne, a fast-growing live-work-play market where apartment demand exceeds new supply,” said Bill McDougall, Vice President, Acquisitions at Redwood Capital Group. “We view this as a stable investment with a strong potential for income growth.”
Located at 3570 Toringdon Way, the Lowrie is part of the thoughtfully developed Ballantyne community just 12 miles south of downtown Charlotte. The Bissell Companies developed the area, striving to create an accessible community with a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The Lowrie is less than one mile from several office centers, including the 4- million square foot Ballantyne Corporate Park which is home to 35 Fortune 500 companies.
The Lowrie’s onsite amenities include: a resort-style saltwater pool with sun shelf; outdoor grills with alfresco dining areas; a dog-friendly rooftop lounge with outdoor TV; a 3,000-square-foot expansive fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self- propelled treadmill; a yoga/flex studio; and a 4,700-square-foot clubhouse outfitted with a catering kitchen, billiards, TV area, mailroom, and co-working business center.
All units have luxury-level finishes including large kitchen islands for entertaining, GE stainless steel appliances, gooseneck faucets, and granite countertops. Kitchens come in two color schemes: dark grey cabinets with pale wood floors and white cabinets with dark wood floors. Some apartments are outfitted with IOTAS smart home technology which learns the preferences of residents, and through machine learning, adjusts the environment reducing energy usage and automating certain tasks.