Local Purchase of Rosewood Condominiums Complete

Despite a weak real estate market and the uncertainty of bankruptcy, 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.”

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Rosewood Condominiums