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Lennar unit buys Charlotte, NC, apartment community for $171M

Lennar Multifamily Communities LLC acquired the Novel Stonewall Station apartment community in Charlotte, N.C., from Crescent Communities for $171 million, the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

The deal includes the 459-unit multifamily portion of the property at Stonewall and Caldwell streets and its parking deck. Crescent Communities previously sold the development's retail space to Asana Partners for over $34 million, according to the publication.

The buyer is the multifamily division of homebuilder Lennar Corp.