JLL closes $65.9M sale of Durham, North Carolina, apartments
RST Development acquires 320-unit, garden-style property in the North Durham submarket
CHARLOTTE, April 22, 2020 – JLL Capital Markets announced today it has closed the $65.9 million sale of Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham submarket of Durham, North Carolina.
JLL marketed the property on behalf of the seller, a joint venture between Boston-based The Davis Companies and Gemini Partners, LLC, and procured the buyer, Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.
The Lodge at Croasdaile Farm is situated on nearly 40 acres at 3130 Hillandale Road within the Croasdaile Farm master-planned community, which features a median home price of nearly $525,000. Completed in 2019, the three-phase property consists of a mix of one-, two- and three-bedroom garden-style flats and two- and three-bedroom townhome units totaling 340,160 rentable square feet. Community amenities include a resort-style saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a leash-free bark park. Residents also have direct access to premium lifestyle amenities, including Croasdaile’s extensive paved greenway system and the trails surrounding Crystal Lake, as well as access to nearby Interstate 85, which provides connectivity to the MSA’s largest employers in Downtown Durham, Duke University and Duke Medical Center.
The JLL Capital Markets team representing the seller was led by Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch, Directors Caylor Mark and John Currin along with former Managing Director Justin Good.
“Recent deliveries in the Durham sub-market are urban infill developments,” said Blair Booth, one of the development partners involved with the project. “The cost to deliver and rent these projects have priced out a large portion of the rental demographic. Our goal was to develop a close-in, Class A property with competitive finishes at a cost and price point well below our infill competitors. The vigorous lease-up and strong rental rates exceeded our expectations and supported the need for quality workforce housing in Durham.”
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. 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 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $6.2 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 11.8 million square feet of office, retail, hospitality, light industrial, healthcare and life science properties and approximately 4,000 residential units across the Eastern United States.
About Gemini Partners, LLC
Gemini Partners LLC represented the venture and consists of Capital Properties, The Wills Companies, William Fideli Investments, Inc. and Symphony Properties, LLC. Symphony Properties is a Cary-based company specializing in multifamily development in the Carolinas.
About RST Development, LLC
RST Development, LLC/Hercules Real Estate Services, Inc./Hercules Living is a private real estate investment company that develops, owns and manages approximately 8,000 multifamily units. Founded in 1995, Hercules Real Estate Services, Inc. is headquartered in Virginia Beach, Virginia, with communities located in seven states in the Mid-Atlantic and Southeast.