Land sale for multi-housing project in Cary, NC

RALEIGH, N.C., Oct. 19, 2021 – JLL announced today that it has closed the $5 million land sale for a 5.77-acre, infill development opportunity zoned for multifamily, part of Twin Lakes Center in Cary, North Carolina.

JLL marketed the property on behalf of the seller, Leyland Twin Lakes, LLC. SunCap Property Group (“SunCap”) acquired the property.

Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District (PDD), which also includes a new 100,000-square-foot Wegmans-anchored retail center. SunCap successfully rezoned the property in May 2021 to allow for 230 one-, two- and three-bedroom residences. The community will be named Ashby at Twin Lakes and will capitalize on the property’s adjacent access to the region’s network of greenways. Amenities include a courtyard and pool, gas grills, indoor/outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking.

David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community.

“SunCap is very excited to break ground on our first multi-housing property in the RTP area,” commented Lee, Senior Vice President. “We have been studying the market for some time and feel this is the perfect opportunity to bring an outdoor-centric, bike-friendly residential offering to the area.”

As Cary is known for its explosive population growth (43 percent over past 15 years), the West Cary multi-housing product recently constructed is achieving new market rent thresholds, with those top-tier new developments commanding an average rent north of $1,600 per month. With the bulk of the submarket’s inventory built prior to 2012, new builds have commanded strong rents for residents desiring a higher-end living option. Among the principal drivers of apartment demand in the West Cary submarket is its proximity to the employment nodes within Cary, RTP and Durham, as well as relative proximity to the other dense employment nodes of Raleigh.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Sarah Godwin.

“The Twin Lakes development is well-positioned along Davis Drive, Cary’s main artery into RTP, and is located only 5 minutes from a top tech company’s future RTP campus,” said Godwin. “The community has strong walkable connectivity to Wegmans and will enjoy a future greenway trail connection.”  

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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