Greystar picks up pair of multi-housing asset
JLL Capital Markets led sale efforts for the Charlotte apartment communities
CHARLOTTE, November 2, 2020 – JLL Capital Markets announced today that it has closed the sale of Barrington Place and Waterlynn Ridge, Class A multi-housing communities totaling 660 units in the Charlotte, North Carolina MSA.
JLL marketed the property on behalf of the seller, Waypoint Real Estate Investments, and procured the buyer, Greystar.
Barrington Place is located at 2410 Allerton Way in the University City submarket of Charlotte, home to major business parks University Research Park, Innovation Park, and University Executive Park, and over 11 million total square feet of office and 75,000 jobs. The UNC system’s fastest growing campus UNC-Charlotte, which produces 6,000 graduates annually with engineering, tech, and health sciences concentrations is 5 minutes from the property. Additionally, North Carolina’s largest ever corporate incentives relocation will be within 10 minutes when Centene (NYSE: CNC) opens its 6,000+ job mega-campus in 2022.
Waterlynn Ridge is situated 25 miles north of Charlotte in the Lake Norman community of Mooresville. Located at 123 Waterlynn Ridge Road in a primarily residential area, the property is minutes from Lowe’s Companies (NYSE: LOW) 4,000+ job corporate headquarters and the Lake Norman Regional Medical Center. The property has convenient access to the newly completed Interstate 77 express lanes that have reduced commute times into Uptown Charlotte and the University City submarket tremendously.
The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn. Financing efforts were led by Andy Scott and Cory Fowler of JLL.
“The successful sale of Barrington Place and Waterlynn Ridge, during an unprecedented time of market uncertainty given the global pandemic, speaks to the confidence investors have in the Charlotte growth story,” said Howard.
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 Waypoint Real Estate Investments
Waypoint is a vertically integrated real estate investment firm specializing in rental housing. With four offices nationwide, the company acquires and develops multifamily rental properties throughout the United States. Founded in 2011, Waypoint’s total real estate investment activity exceeds $4 billion across more than 28,000 units. To learn more, visit waypointrei.com.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 693,000 units/beds, and has a robust institutional investment management platform with approximately $35.5 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit greystar.com.