Jones Lang LaSalle Inc.

11/04/2019 | Press release | Distributed by Public on 11/04/2019 16:34

JLL closes sale of Charlotte apartment community

CHARLOTTE, November 4, 2019 - JLL announced today it has closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners and its investment partner, and procured the buyer, RK Properties.

Alta Prosperity Village is located at 7304 Brice Knoll Lane just north of the intersection of Interstate 485 and Prosperity Church Road in North Charlotte. In addition to connectivity to major employment centers, the property's location within Prosperity Village Square offers walkability to a Publix Supermarket and a variety of other retailers and restaurants. Completed in 2018, the property offers residents Class A amenities such as a resort-style saltwater pool, outdoor TV lounge and grilling station, 24-hour fitness center, private gaming room, business center, coffee bar, dog park, pet spa and garages. Units average 1,045 square feet with top-notch finishes, including large kitchen islands, stainless steel appliances, custom subway tile backsplashes, quartz countertops, plank flooring, nine-foot ceilings and private rotunda balconies.

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark and Managing Directors Justin Good and Jeff Glenn.

'The main attributes apartment investors target are grocer adjacency, job connectivity and demonstrated rental demand,' Lynch said. 'With Publix next door, immediate I-485 interchange access to three major job clusters and proven onsite performance, Alta Prosperity Village presented a compelling investment opportunity by having all of those qualities.'

'Wood Partners' early identification of this burgeoning pocket of Charlotte and subsequent development execution was validated in the property's competitive marketing process,' Mark added. 'RK Properties emerged from a highly qualified field and performed tremendously in its acquisition.'

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.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. ('HFF') prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 75,000 multifamily homes with a combined capitalization of more than $13.1 billion nationwide. The company currently owns 63 properties across the United States with a combined total of more than 17,000 homes. Wood Partners has offices in 18 major markets nationwide, including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Washington, D.C. and West Palm Beach. To learn more about Wood Partners, please visit WoodPartners.com.

About RK Properties

Since its founding in 1976, RK Properties has purchased and managed over $1.5 billion in multifamily apartment assets. RK Properties current portfolio includes approximately 4,000 units in the southeast and southwest. The company offers multifamily replacement properties for 1031 tax deferred exchanges, as well as DST and fund investment opportunities for accredited investors who are seeking a real estate investment. As of this closing, RK Properties has sponsored approximately 152 private placement programs, of which 134 programs have gone full cycle. For further information on RK Properties, please visit rkprop.com.