Centro Railyard residential and retail property sold
JLL Capital Markets handled the sale of the luxury, Charlotte, North Carolina asset
CHARLOTTE, Feb. 1, 2021 – JLL Capital Markets announced today that it has handled the sale of Centro Railyard, a 2020-vintage, 91-unit luxury multi-housing property with 12,991 square feet of innovative “micro” ground floor retail, in Charlotte, North Carolina’s booming South End submarket.
JLL represented the seller, a partnership between Ascent Real Estate Capital and Centro Cityworks, in completing the sale to the buyer, Collett Capital. The partnership also designed and built the property.
Centro Railyard is a mixed-use asset compromised of 91 luxury apartments and “micro” ground floor retail, featuring a variety of versatile, omni-channel retailers along the pedestrian-friendly Winnifred Street corridor. Apartment units include studio, one- and two-bedroom floorplan options with dazzling white granite countertops, honeycomb backsplashes, oversized windows, 10’ to 18’ ceilings, stainless steel appliances and high-tech capabilities, such as keyless entry and smart locks. Community amenities include a sky lounge with remarkable city views and an interior corridor linked to the ground floor retail space.
Located at 1425 Winnifred St., Centro Railyard is connected to The Railyard, a mixed-use project consisting of various office and retail tenants. Centro Railyard sits at the heart of the vibrant South End neighborhood, where residents can easily walk to a variety of local restaurants, established breweries, and eclectic retailers. Moreover, South End is experiencing an office boom with more than 2.1 million square feet of office space currently under construction in the area, including Lowe’s Technology Headquarters and LendingTree’s Headquarters. Unsurprisingly, the area is a young professional hotspot, whose residents are well-educated (68% have earned college degrees), high-earning ($86.5K median income) and most likely to rent (80% of homes are rented).
The JLL Capital Markets team representing the seller was led by Allan Lynch, Caylor Mark, Tom Kolarczyk, Andrea Howard, John Currin and Jeff Glenn.
“Award winning in design, innovative in concept, and coveted in location, Centro Railyard resonated with investors on many levels,” Lynch said.
“Further showcasing the project’s permanence and growth potential, this unique asset leased up completely in just a few months, all while withstanding the Covid-19 pandemic,” Mark added.
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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, 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. For further information, visit jll.com.
About Ascent Real Estate Capital
Ascent Capital is an entrepreneurial real estate investment company headquartered in Charlotte, North Carolina. Its partners are experienced in sourcing, capitalizing, operating and managing real estate investments across all major property types. Ascent leverages over 60 years of commercial real estate experience to generate creative solutions that combine attractive investment opportunities with positive community outcomes. For more information visit: ascentrealestatecapital.com.
About Collett Capital
Based in Charlotte, North Carolina, Collett Capital is a real estate private equity firm with over $280 million in assets under management. The firm is focused on acquiring well-located, income producing real estate assets with durable cash flows and upside potential. Through its real estate funds, the firm acts as a sponsor, operating partner and co-investor alongside its institutional and private capital partners.