 |
| Andrea Howard |
CHARLOTTE,
NC – JLL Capital Markets announced it has
closed the $69.5 million sale of the luxury, garden-style NOVEL Research Park, by Crescent Communities, a
multi-housing community within University Research Park in Charlotte, North
Carolina.
JLL marketed the
property on behalf of the seller, Crescent
Communities. RK Properties purchased the property.
 |
Allan Lynch
|
Developed by the
seller in 2019 in a joint venture with Phoenix Capital Holdings, LTD, the
community sits on 19.3 acres and totals 271,600 square feet and consist of one-,
two- and three-bedroom units.
The apartments are also
equipped with fenced-in pet yards, quartz countertops, eat-in kitchen islands,
LED ceiling lighting, double sink vanities and various unit finish options.
Community amenities
include a hammock garden, grilling station, outdoor shuffleboard court,
saltwater pool, poolside bar, fitness center featuring top-of-the-line
equipment such as a Peloton bike, oversized pet park and coworking booths and
micro-offices.
Charlotte’s vibrant
University Research Park submarket is home to 23 Fortune 500 company offices
and are home to more than 75,000 employees.
The area continues to
soar as a burgeoning employment hub, and to keep up with the growing
population, various local expansion projects are in the works including the
Light Rail expansion project to increase accessibility from UNC Charlotte to
South End and everywhere in between, and over $215 million in other
infrastructure and construction projects underway.
 |
Caylor Mark
|
In addition, Charlotte is consistently recognized
as a top place to live and work and for its vibrant entertainment and dining
scenes.
The
JLL Capital Markets team representing the seller was led by Allan Lynch,
Caylor Mark, Andrea Howard, John Currin and Jeff Glenn.
"Investors
continue to target the best in suburban apartments, particularly those of
Crescent's high-quality caliber and proximate to job centers like Research Park
and Centene's future East Coast Headquarters," said Mark.
“It
was a privilege to work on behalf of Crescent Communities, whose clear vision
and leading site selection prowess ultimately led to robust investor interest,”
added Lynch.
“On
that note, Crescent demonstrated prescient thinking once again with its three
University-area developments already underway when Centene announced plans for
an East Coast headquarters, bringing 6,000+ employees to the neighborhood.”
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 sales advisory, debt
placement, equity placement or a recapitalization.
 |
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 our newsroom.
About
Crescent Communities
Crescent Communities is a nationally recognized,
market-leading real estate investor, developer and operator of mixed-use
communities.
We create high-quality, differentiated multifamily and commercial
communities in many of the fastest growing markets in the United States.
Since
1963, our development portfolio has included more than 59 multifamily
communities, 21 million square feet of commercial space and 60 single family
master-planned communities.
Headquartered in Charlotte, Crescent Communities
has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas,
Denver, Phoenix and Salt Lake City. Our multifamily communities are branded
NOVEL by Crescent Communities.
 |
| Jeff Glenn |
About RK Properties
Rance King Properties Inc. has specialized in multifamily
property investments since 1976. It is a national company with current and previously
owned properties acquired throughout the United States.
RK Properties has
served over 7,000 investors in the last 43 years since inception.
Its current
portfolio has a current market value of just under $1 billion. The skills and
experience of RK professionals have combined to produce a consistent,
successful record of performance in apartment investing.
About
JLL
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management. JLL is a Fortune 500 company with
annual revenue of $18.0 billion, operations in over 80 countries and a global
workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated.
CONTACT:
Natalie
Passarelli
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
M
+1 224 477 7307
natalie.passarelli@am.jll.com
us.jll.com/investorservices
crescentcommunities.com.
jll.com.
rkprop.com
