JLL arranges sale and financing of The Lowrie in Charlotte, North Carolina
Redwood Capital Group acquires mid-rise community from Proffitt Dixon Partners
CHARLOTTE, N.C., July 10, 2019 – JLL announces it has arranged the sale and financing of The Lowrie, a 245-unit, mid-rise multi-housing community in Charlotte, North Carolina.
JLL marketed the property on behalf of the seller, Proffitt Dixon Partners. Redwood Capital Group purchased the offering free and clear of existing debt. Additionally, JLL worked on behalf of the new owner to secure an acquisition loan through a life insurance company.
The Lowrie, which delivered in summer 2018, is located at 3570 Toringdon Way in Charlotte’s thriving Ballantyne submarket, which offers residents access to nearly 715,000 square feet of Class A office space at Toringdon Office Park and more than 4.5 million square feet of Class A office space at Ballantyne Corporate Park. The four-story community features luxury amenities, including a resort-style saltwater pool, rooftop resident clubhouse, outdoor living room and club space with fire pit, outdoor kitchen with grilling area, outdoor screening area, leash-free dog park and spa, co-working business space, state-of-the-art fitness center with CrossFit cage, yoga studio, concierge service and a secured access garage with covered parking. Units include IOTAS smart home technology; designer kitchens with islands, granite countertops and subway tile backsplashes; wood-style flooring; built-in shelves and desks; walk-in showers; designer lighting packages; in-unit washers and dryers; and private patios or balconies.
The JLL Capital Markets team representing the seller was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
The JLL Capital Markets team representing the new owner was led by senior managing director Travis Anderson and senior director Cory Fowler.
“With its thoughtful development execution and site selection of The Lowrie, Proffitt Dixon delivered a true best-in-class investment offering,” Good said. “Redwood was drawn to the property’s market-leading amenities, exceptional design elements and retail walkability within Ballantyne’s dynamic business environment.”
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. 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.
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Proffitt Dixon Partners
Proffitt Dixon Partners is a multifamily investment and development firm with a focus on Class A apartment communities in the Southeast. The firm has closed transactions valued at over $800 million since 2008 and has an active development pipeline in North Carolina, South Carolina and Tennessee. Proffitt Dixon Partners continues to seek unique opportunities in markets and submarkets with high barriers to entry, solid multifamily fundamentals, and strong population growth. The Proffitt Dixon team has over 70 years of combined urban residential, mixed-use, multifamily development and investment experience in the Carolinas, Florida, Georgia, Alabama and California. The team’s experience spans from the development of high rise urban projects to suburban multifamily, apartment acquisitions as well as value-add investments. Throughout their careers, the partners have developed more than 10,000 multifamily units valued at greater than $2 billion.
About Redwood Capital Partners
Redwood Capital Partners is a vertically integrated real estate investment manager concentrated on the multifamily sector. Redwood’s capabilities include transaction, asset, construction and property management. Since inception, the firm has acquired nearly 20,000 units and currently has more than $1.4 billion in assets under management with an additional $30 million of capital projects in progress. https://redwoodcapgroup.com