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| Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, NC |
CHARLOTTE, NC, May 21, 2020 – JLL
Capital Markets announced today that it has completed the sale and financing of
Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in
Mooresville, North Carolina.
JLL represented the seller, Hawthorne Residential Partners, LLC,
and procured the buyer, PassiveInvesting.com. Additionally, JLL worked
on behalf of PassiveInvesting.com to
secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be
serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Hawthorne at Lake Norman is located 25 miles north of Uptown
Charlotte at 118 Plantation Creek Drive in Mooresville, one of Charlotte’s
fastest growing communities.
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| Andrea Howard |
The property is nestled along the shores of Lake
Norman and is just minutes from the area’s largest employer, Lowe’s Corporate
Headquarters.
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| Jeff Glenn |
Additionally, Hawthorne at Lake Norman has tremendous
accessibility to Uptown Charlotte via the newly delivered I-77 Express Lanes
and is surrounded by more than 5.5 million square feet of retail amenities.
The
20-acre site is home to 18 two- and three-story garden-style buildings offering
spacious units averaging 1,055 square feet each and 104 direct access garages.
Community amenities at the 97%-leased property include a multimedia center,
cybercafé, 24-hour fitness center with rock climbing wall, saltwater swimming
pool, car wash station, pet park and exclusive boat club.
The JLL Capital Markets team representing the seller included
Managing Directors Andrea Howard and Jeff Glenn, Senior Director Allan Lynch
and Directors Caylor Mark and John Currin.
JLL’s Capital Markets team representing the borrower was led by
Managing Director Cory Fowler.
“A product of the area’s dynamic growth story and Hawthorne’s
stewardship of the property, the sale of Hawthorne at Lake Norman represented
one of our team’s most competitive marketing campaigns,” Howard said.
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| Allan Lynch |
“To close a transaction during these uncertain times requires tremendous operational performance at the property level and diligence by both the buyer and seller.
"This collective performance culminated in a successful sale of a differentiated asset that will offer PassiveInvesting.com outsized returns for years to come.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices
in nearly 50 countries.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
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| John Currin |
For more news, videos and research resources on JLL, please visit
the firm’s U.S. media center Web page: U.S. newsroom.
PassiveInvesting.com is
a private equity real estate investment firm focused on acquiring value-add and
core+ multifamily properties in the Southeast U.S.
The firm’s portfolio has a current value of more than $275 million stemming from eleven properties with a total of 2,247 units.
The firm’s portfolio has a current value of more than $275 million stemming from eleven properties with a total of 2,247 units.
About Hawthorne Residential Partners
Since its inception in 2009, Hawthorne Residential Partners has
been passionately dedicated to acquiring, developing, repositioning, and
managing quality apartment communities.
Contact:
Kristen
Murphy
JLL Senior Manager
Public Relations
JLL Senior Manager
Public Relations
Phone: +1 617 848 1572
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