 |
| Andrea Howard |
CHARLOTTE, NC, Nov. 30, 2020 – JLL Capital Markets
announced today that it has closed the sale of the 150-unit Residence at
SouthPark
JLL
closed the property sale from institutional investors advised by J.P. Morgan
Asset Management to a fund sponsored by CBRE Global Investors.
Built
in 2007, the Residence at SouthPark offers one-, two- and three-bedroom
apartments that average 1,573 square feet each.
 |
| 150-unit Residence at SouthPark, Charlotte, NC |
The property sits on 5.56 acres and totals 236,189 square
feet, holding 96% occupancy. All units include 10-22’ ceilings, built-in
bookcases and workstations, gourmet kitchens, washers and dryers, granite
countertops and stainless-steel appliances.
Additionally, the Residence at SouthPark offers penthouse
and loft apartments. Community amenities include a rooftop deck with a
saltwater pool and firepits, club level with skyline views, 24-hour fitness
center, business center, game room and a coffee, tea and wine bar.
 |
| Allan Lynch |
The
SouthPark submarket has been noticing a boom in interest because of the area’s
recent urbanization in response to demand from young families desiring more
space with suburban schooling without sacrificing city-life amenities.
With walkability to local dining, retail and grocery
top-of-mind, the apartments are in close proximity to Whole Foods and the
premier SouthPark Mall and Sharon Square shopping destinations, among
others.
SouthPark is near other elite Charlotte neighborhoods such
as Myers Park, which is just five minutes from the property and offers
more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth,
which offers over 767,000 square feet of additional retail, restaurants,
galleries, pubs and more.
The JLL Capital Markets team representing the seller was led by Allan
Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn.
 |
Caylor Mark
|
“Residence
at SouthPark is an iconic Charlotte address that is primed for renovation after
originally delivering in 2007,” said Lynch. “The community’s concrete
construction and oversized units also make it one of the most attractive assets
in the Carolinas.”
“The
Residence at SouthPark is a well-maintained and well-located asset in suburban
Charlotte, where we believe we will continue to see outsized demand for
high-end apartments,” said Robert Perry, Executive Managing Director of
CBRE Global Investors.
“This particular
asset performed well throughout the COVID-19 pandemic, in part due to its
oversized layouts and boutique unit count. We are looking forward to the
continued successful operation of the property by our team.”
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 J.P. Morgan Global Alternatives
J.P.
Morgan Global Alternatives is the alternative investment arm of J.P. Morgan
Asset Management.
With more than 50
years as an alternatives investment manager, $145 billion in assets under
management and more than 600 professionals (as of June 30, 2020), we offer
strategies across the alternative investment spectrum including real estate,
private equity and credit, infrastructure, transportation, liquid alternatives,
and hedge funds.
Operating from offices throughout the Americas, Europe and
Asia Pacific, our 15 independent alternative investment engines combine
specialist knowledge and singular focus with the global reach, vast resources
and powerful infrastructure of J.P. Morgan to help meet each client's specific
objectives.
 |
Jeff Glenn
|
About CBRE Global Investors
CBRE Global Investors is a global real assets investment
management firm with $114.5 billion in assets under management* as of September
30, 2020. The firm sponsors investment programs across the risk/return spectrum
for investors worldwide.
CBRE Global Investors is an independently operated affiliate
of CBRE Group, Inc. (NYSE: CBRE).
It harnesses the research, investment
sourcing and other resources of the world’s largest commercial real estate
services and investment firm (based on 2019 revenue) for the benefit of its
investors.
CBRE Group, Inc. has more than 100,000 employees (excluding
affiliates) and serves real estate investors and occupiers through more than
530 offices (excluding affiliates) worldwide.
*Assets under management (AUM) refers to the fair market
value of real assets-related investments with respect to which CBRE Global
Investors provides, on a global basis, oversight, investment management
services and other advice and which generally consist of investments in real
assets; equity in funds and joint ventures; securities portfolios; operating
companies and real assets-related loans.
 |
| Robert Perry |
This AUM is intended principally to reflect the extent of CBRE
Global Investors' presence in the global real assets market, and its
calculation of AUM may differ from the calculations of other asset managers.
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
jpmorganassetmanagement.com.
www.cbreglobalinvestors.com
