Lou Baldwin and his team at Baldwin Properties brought decades of experience in selling portfolios of properties and being involved in redevelopment opportunities to bear in the sale and planned redevelopment of a residential portfolio in the small town of Albemarle, North Carolina, about 42 miles east of Charlotte. The project was selected as the 2023 CoStar Impact Award for the redevelopment of the year for Charlotte, as judged by a panel of local industry professionals.
The portfolio consisted mostly of single-family houses and multifamily properties, some of which were in substandard condition. It also included shopping centers, a restaurant, a skating rink and offices. Some were located in neighborhoods that had experienced crime issues.
"Securing financing for such a unique list of properties that needed drastic attention created a layer of complexity," according to Baldwin.
About the Project: Albemarle Capital Investments, LLC acquired the property from Treece Construction, partly financed through a $2.8 million loan from United Bank, according to public records. The properties were sold on an as-is basis, Baldwin said. Albemarle Capital Investment has since completed major renovations and added various amenities.
What the Judges Said: The project is "transforming the area," said Yongqiang Chu, director of the Childress Klein Center for Real Estate at the University of North Carolina at Charlotte.
They Made It Happen: Lou Baldwin, Fred Acree and Kevin Williams of Baldwin based in Winston-Salem, North Carolina, were key players.
