Fully entitled development site in Durham sells for $10.9M
JLL Capital Markets closed the sale of the site that is zoned for multi-housing
CHARLOTTE, N.C., June 30, 2020 – JLL Capital Markets announced today it has closed the $10.9 million sale of Davis Park East, a 21.07-acre, shovel-ready, multi-housing development site adjacent to the Research Triangle Park node in Durham, North Carolina.
JLL marketed the property on behalf of the seller, Lee Properties Group, and procured the buyer, a joint venture with Wood Partners and Stockbridge.
Davis Park East is approved for up to 403 multi-housing units and 25,000 square feet of commercial space. Located at 4701 Hopson Rd. in Durham, the site is minutes from both Raleigh and Durham’s downtowns. Davis Park East is within walking distance to retail and restaurants and is proximate to 2.5 million square feet of office space within the Imperial Center.
The JLL Capital Markets team was led by Director Sarah Godwin and Senior Associate John Mikels.
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.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lee Properties Group
Lee Properties Group is a second-generation family office that owns and operates residential, retail, and commercial portfolios throughout the East Coast of the United States. Lee PG’s core markets are in North Carolina and New York City multifamily operation where it has stabilized and developed multifamily communities to become top-performing assets in their class.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. The company has been involved in the acquisition and development of more than 79,000 multifamily homes with a combined capitalization of more than $14.1 billion nationwide. The company currently owns 68 properties across the United States with a combined total of more than 18,000 homes. Wood Partners has offices in 18 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.
Stockbridge (stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California with offices in Atlanta and Chicago. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of March 31, 2020, the firm’s total assets under management were $16.4 billion and the firm manages approximately 51 million square feet and 8,120 multifamily units.