LStar Management joins Mountain Real Estate Capital to Acquire TidalWalk

L Star Management LLC, one of North Carolina’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. “Fortunately, we received a lot of cooperation from the city and from the selling bank, and of course from the development professionals on LStar’s staff,” said Arthur Nevid, Mountain Real Estate Capital’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 with approvals for 9 additional slips, anda small island. Planned amenities include a clubhouse and pool, as well as a network of trails and boardwalks.

“Owning such a beautifulwaterfront community is truly an honor. We are excited and humbled by the opportunity to carry on the original vision for TidalWalk,” said Kyle Corkum, President of L Star. “Now the existing owners and future buyers, as well as the residents of Wilmington can take comfort in the financial stability of the community as we are fortunate to have no mortgage on the property,” continued Corkum.

About LStar
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: www.LStarland.com