JLL closes sale of Chapel Hill apartments
Wood Partners sells Class A community near the Research Triangle’s largest employers
CHARLOTTE, JANUARY 30, 2020 – JLL Capital Markets announced today it has closed the sale of Alta Blu, a 298-unit, Class A apartment community in Chapel Hill, North Carolina.
Alta Blu is located at 5840 Farrington Road in Chapel Hill near some of the Research Triangle’s largest knowledge and technology-driven employers. The property is also near Highway 54 and Interstate 40, which provides residents with easy access to the area’s top retail and grocers. Completed in 2019, the community consists of 282,628 rentable square feet of residential across a mix of studio through three-bedroom homes and 5,000 square feet of co-working office space. Apartments feature spacious floor plans, stainless steel appliances, sleek white cabinetry, granite countertops, expansive walk-in closets, wood-style flooring, in-home washers and dryers, and private patios or balconies. Community amenities include a saltwater pool, courtyard with outdoor theatre, resident lounge, business center, fitness center, dog walking service and nearby access to botanical gardens and walking trails.
The JLL Capital Markets team representing the seller was led by Managing Directors Justin Good and Jeff Glenn, Senior Vice President Andrea Howard, Senior Directors Allan Lynch and Caylor Mark, and Vice President John Currin.
“Alta Blu’s sale represents the latest institutional endorsement for Chapel Hill and the greater Raleigh-Durham MSA,” Glenn said. “Unique product with tremendous access to STEM jobs and intellectual capital continues to garner significant investor interest.”
“With ties to UNC-Chapel Hill and Duke University across all parties to the transaction, Alta Blu’s growth story and investment thesis resonated on many levels from ground-up to ultimate sale,” 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 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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 75,000 multifamily homes with a combined capitalization of more than $13.1 billion nationwide. The company currently owns 63 properties across the United States with a combined total of more than 17,000 homes. Wood Partners has offices in 18 major 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. To learn more about Wood Partners, please visit WoodPartners.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $85.7 billion in commercial real estate assets (as of September 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.