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| Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham, NC submarket |
CHARLOTTE, NC – JLL Capital
Markets announced has closed the $65.9 million sale of Lodge at Croasdaile
Farm, a 320-unit, garden-style and townhome apartment community in the
North Durham submarket of Durham, North Carolina.
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| Andrea Howard |
JLL marketed the
property on behalf of the seller, a joint venture between Boston-based The
Davis Companies and Gemini Partners, LLC, and procured the buyer,
Virginia-based RST Development, which assumed management operations under its
affiliate, Hercules Living.
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| Jeff Glenn |
The Lodge at Croasdaile Farm is situated on nearly 40 acres
at 3130 Hillandale Road within the Croasdaile Farm master-planned community,
which features a median home price of nearly $525,000.
Completed
in 2019, the three-phase property consists of a mix of one-, two- and
three-bedroom garden-style flats and two- and three-bedroom townhome units
totaling 340,160 rentable square feet.
Community
amenities include a resort-style saltwater pool, outdoor grilling areas,
resident lounge with community kitchen and coffee bar, fitness center with yoga
space, outdoor pavilion with games, private gardens and a leash-free bark park.
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| Allan Lynch |
Residents also have direct access to premium lifestyle amenities, including Croasdaile’s extensive paved greenway system and the trails surrounding Crystal Lake, as well as access to nearby Interstate 85, which provides connectivity to the MSA’s largest employers in Downtown Durham, Duke University and Duke Medical Center.
The JLL Capital Markets team representing the seller was led
by Managing Directors Jeff Glenn and Andrea Howard, Senior
Director Allan Lynch, Directors Caylor Mark and John Currin
along with former Managing Director Justin Good.
“Recent deliveries in the Durham sub-market are urban infill developments,” said Blair Booth, one of the development partners involved with the project.
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| Caylor Mark |
“The cost to deliver and rent these projects
have priced out a large portion of the rental demographic.
"Our goal was to
develop a close-in, Class A property with competitive finishes at a cost and
price point well below our infill competitors.
"The
vigorous lease-up and strong rental rates exceeded our expectations and
supported the need for quality workforce housing in Durham.”
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.
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| John Currin |
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: U.S.
newsroom.
About JLL:
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management.
JLL shapes the future of real estate for a
better world by using the most advanced technology to create rewarding
opportunities, amazing spaces and sustainable real estate solutions for our
clients, our people and our communities.
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| Justin Good |
JLL
is a Fortune 500 company with annual revenue of $18.0 billion, operations in
over 80 countries and a global workforce of more than 93,000 as of December 31,
2019.
JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated.
For
further information, please visit jll.com.
About
The Davis Companies
The Davis
Companies is an integrated real estate investment, development
and management firm headquartered in Boston that has invested more than $6.2
billion in gross asset value through real estate equity, debt and fixed-income
securities.
A combination of capital markets, development
and management expertise allows The Davis Companies to nimbly tackle complex
opportunities.
CONTACT:
Olivia
Hennessey
JLL
Senior Associate
Public Relations
Phone: +1 713 852 3403
