JLL closes sale of Cary, North Carolina, apartments
The 351-unit, suburban, garden-style community was acquired by Goldman Sachs Merchant Banking Division
CHARLOTTE, December 17, 2019 – JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.
JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group, and procured the buyer, Goldman Sachs Merchant Banking Division.
Tradition at Stonewater is located at 12000 Wisdom Drive near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2009, the institutionally maintained property is 96% leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.
The JLL Capital Markets team representing the seller included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea 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 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. 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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Banner Real Estate Group
Banner Real Estate Group and its affiliates (“Banner”) is a group of fully integrated real estate operating companies based in Northbrook, Illinois, that focuses on the acquisition, management and development of multifamily properties in select markets. Since its founding in 1989, Banner has acquired and operated 52 multifamily properties totaling more than 9,834 units. The current portfolio consists of more than 4,800 units.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.