picturesque Rosewood Condominiums have remained perhaps Charlotte's
most distinctive luxury residential property and reported healthy sales.
Charlotte-based real estate firms Vision Ventures and Mount Vernon
Asset Management, which bought the debt secured by the property from
Regions Bank in 2010, never lost faith in their investment as the
bankruptcy wound toward resolution and they took title to the unsold
condominium homes on February 15, 2012.
"We knew from the beginning that the acquisition process would be
complicated and take time, but we also were certain that Rosewood was
well worth the effort," said Doug Stephan, principal with Vision
Ventures. "Rosewood is unique in the city if not the country, in
terms of overall quality, craftsmanship and personality."
Setting a new local standard for luxury living, Rosewood Condominiums
opened in 2007 on a nine-acre tract at the corner of Providence and
Sharon Amity Roads. The property comprises three towers with 134
luxury condominium homes and penthouses, each built with rotunda
foyers, 10-foot ceilings, hardwood floors and natural stone tile with
two elevators per tower. There is also a two-story, 7,500 square foot
central tower featuring a fitness club, business center, conference
rooms, coffee bar, café and concierge services. Outdoor amenities
include private pool, tennis court and gardens.
The former owner, Rosewood at Providence, LLC, filed for Chapter 11
bankruptcy protection in February 2010. Vision Ventures and Mount
Vernon Asset Management formed MV Rosewood, a limited liability
company, that bought Rosewood Condominiums' debt from Regions in June
of that year.
Since the bankruptcy filing, 19 units have sold or been brought under
contract – testament to the high quality and value that the property
represents, as well as the pent-up demand in the local high-end real
estate market, Stephan said.
Rosewood Charlotte Holdings, sponsored by MV Rosewood, is the entity
that purchased the remaining unsold homes at Rosewood Condominiums.
Stephan said all energies now will be channeled into a sophisticated
marketing campaign to reach qualified prospective buyers and sell 33
available units at market rate. The Littlejohn Group, a nationally
known real estate research and consulting firm, will lead the effort.
Arcadia Homes will be general contractor for all construction on site.
Both companies are based in the Charlotte area and have extensive
experience with luxury residential properties.
"Rosewood Condominiums was conceived as a unique community, and it
meets or exceeds every expectation. There are superior construction
and finishes, luxury amenities, and an ideal location – all packaged
in a spectacular setting," said Emma Littlejohn, principal of The
Littlejohn Group. "The residents here could not be more pleased with
their homes. They are also impressed with the expertise and resources
of the new ownership group and plans for the building-out of the
project. We're looking forward to sharing Rosewood Condominiums and
all that it has to offer with discerning homebuyers."
For more information:
Rosewood Condominiums
www.rosewoodcondos.com
