Done Deals: HFF announces sale of and equity for land site in Morrisville, NC

Saturday, September 22, 2018

HFF announces sale of and equity for land site in Morrisville, NC

Justin Good

CHARLOTTE, NC – – HFF announces the sale of and joint venture equity for a land site totaling 48.33 gross acres (approximately 15.75 usable acres) within the Shiloh Crossing development in Morrisville, North Carolina.

The HFF team marketed the property on behalf of the seller, Shiloh Morrisville, LLC. Dominion Realty Partners (DRP) purchased the site for $7.35 million.

Additionally, the HFF team worked on DRP’s behalf to arrange joint venture equity for the development of a 318-unit multi-housing community planned for the site.

The planned community, Residences at Shiloh Crossing, will be situated along Shiloh Glenn Drive and Lower Shiloh Way at the crossroads of Highway 540 and Highway 54/Chapel Hill Road in Morrisville.

Sarah Godwin

Due for completion in 2019, the property’s accessibility to major transit corridors will offer unmatched connectivity to Raleigh-Durham’s most concentrated employment nodes, including the R&D-focused Research Triangle Park and surrounding Perimeter Park and Imperial Center.

The property will consist of six apartment buildings encompassing a mix of one-, two- and three-bedroom units averaging 915 square feet. Unit amenities will include nine-foot ceilings, quartz countertops, ENERGY STAR® appliances, in-unit washers and dryers, walk-in closets, and balconies or patios.

Community amenities will include a resident clubhouse with Wi-Fi access, 24-hour fitness center, yoga room, game room, coffee bar, dog park, open green space for outdoor activities, resort-style swimming pool with sundeck, grilling area and walking-distance access to nearby retail and dining. Residences at Shiloh Crossing will be designated by NAHB’s Green Building Standards.

Jeff Glenn

The HFF investment advisory team representing Shiloh Morrisville LLC consisted of managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Sarah Godwin.

HFF’s equity placement team representing DRP consisted of managing director Justin Good, senior managing director Travis Anderson and senior director Roger Edwards.

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

Dominion Realty Partners (DRP) is a full-service real estate organization providing development, management, leasing, acquisition and investment services.

Collectively, the DRP team of professionals brings more than five decades of real estate experience in delivering high quality, environmentally friendly commercial and residential real estate transactions throughout the southeastern and Mid-Atlantic United States.

Allan Lynch

Having completed more than $2.5 billion in real estate transactions, 3.6 million square feet in office projects and more than 3,500 residential units, the DRP team has the capabilities and experience to structure complex financial arrangements and partnerships.

In the past 24 months, DRP has developed and acquired more than $600 million in the Mid-Atlantic and Southeast.