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Investors Set Their Sights on Value-Add Multifamily Assets in Raleigh Submarket

JLL closes sale of Harrison Grande, secures financing

RALEIGH, N.C., Nov. 4, 2014 – Rising rents and job growth have created a strong multifamily investment environment in the suburban Raleigh market – especially for value-add properties.  JLL’s Capital Markets experts today announced the sale of Harrison Grande, located in Cary, N.C., on behalf of a joint-venture between a fund managed by DRA Advisors LLC and Fogelman. A joint-venture between Tribridge Residential and a fund managed by Real Estate Capital Partners purchased the property. JLL also secured the permanent financing through JLL’s Freddie Mac Program Plus® lending platform.

Managing Directors David Gutting and Derrick Bloom and Senior Vice President Andrea Howard led the JLL team on the transaction. Managing Director John Bray and International Director Faron Thompson led the financing efforts.

“Harrison Grande is located in the affluent Cary submarket and is in close proximity to the Triangle’s   fastest growing employers,” said Howard. “Additional nearby catalysts such as the brand new Park West Village lifestyle center are contributing to the increasing ‘live, work, play’ features of the community and this is leading to increased rental rates.”

The property features 319-units located near the Cary submarket’s job corridor, highly-rated school system and retail and dining options. Community amenities include a resort-style swimming pool, an indoor swimming pool, tennis courts, a dog park, a fitness center and a picnic area.

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 a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit