Northwood Investors Completes Acquisition of The VUE - Uptown Charlotte Tower to Become Luxury Rentals

Northwood Press Release
NEW YORK, N.Y. and CHARLOTTE, N.C. / June 29, 2012

NR Charlotte LLC, an affiliate of Northwood Investors (“Northwood”), a leading privately-held real estate investment firm, announced today the completion of its acquisition of 389 units at The VUE Charlotte. The company confirmed it will offer the remaining units as luxury rentals, which will go on the market immediately.

“We’re pleased to make another investment in the Charlotte community and excited about the long term prospects for growth in this market,” stated Ross Cowan of Northwood Investors. “It is exciting to reestablish a property of this quality that provides such a rich amenity base for its residents at a time when there is strong local demand for luxury rental apartments, especially in the Uptown area of Charlotte. Through our affiliate, Northwood Ravin, we plan to offer luxury rentals of the unsold units while bringing stability to the condominiums in order to offer a level of service that is expected of a luxury high rise property.”

The 51-story condo tower is located in Charlotte’s Historic Fourth Ward and within walking distance of the major commercial and social outlets in Uptown Charlotte, including Wells Fargo Center, Bank of America Center, Time Warner Arena, Bank of America Stadium, and the planned Charlotte Knights’ baseball stadium. The VUE is comprised of best-in-class residential units, 8,000 square feet of ground-level retail space, as well as a luxury amenity package, including a 35,000 square foot pool deck, a 4,000 square foot fitness center, and tennis and basketball courts.

As part of acquiring a portfolio of residential, retail, and industrial assets in the Charlotte market in 2011, Northwood partnered to form Northwood Ravin, a private multi-family development, construction, and management company that is headquartered in Charlotte with over 130 employees. Northwood Ravin will handle property management of the The VUE as well as leasing for the 389 units that will be offered as luxury rental apartments. The existing condominiums will continue as before.

For information about leasing or to set up an appointment to see units, contact Tonya Sciranko at Northwood Ravin at (704) 714-9652 or TSciranko@northwoodravin.com.

About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment firm with over $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and tremendous access to global real estate resources.

For further information on Northwood Investors or if you wish to contact us, please visit our website: www.northwoodinvestors.com or contact Vivian Tongalson, Managing Director, at (212) 573-0815 or vtongalson@northwoodinvestors.com.