Mountain Real Estate, L Star Buy 900-Lot Balance of Brightleaf
Posted February 6, 2012
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DURHAM, N.C. - Mountain Real Estate Capital and L Star Management have bought the balance of the 2,866-lot Brightleaf at the Park, gaining 900 residential lots for townhouse and single-family dwellings.
"We are exploring a variety of ways to creatively structure lot and home sales, including the sale of finished lots or improved pads, bulk cash purchases or takedown contracts, and even joint ventures for home construction," said Arthur Nevid, chief investment officer of Charlotte-based Mountain Real Estate.
Brightleaf at the Park in Durham is the fourth major project in North Carolina that the partners have acquired in the last year, totaling 2,000 home sites. Located close to Highway 70 and Sherron Road near Research Triangle Park, Brightleaf's amenities include a Tim Wilkison Signature private club featuring a swim complex with a Junior Olympic Pool, zero-entry beach pool, toddler pool, 24-hour fitness center, tennis facility and new elementary school.
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