Oasis-inspired NOVEL Research Park apartments sold for $69.5M
JLL Capital Markets closed the sale of the 280-unit property in University Research Park
CHARLOTTE, December 16, 2020 – JLL Capital Markets announced today that it has closed the $69.5 million sale of the luxury, garden-style NOVEL Research Park, by Crescent Communities, a multi-housing community within University Research Park in Charlotte, North Carolina.
JLL marketed the property on behalf of the seller, Crescent Communities. RK Properties purchased the property.
Developed by the seller in 2019 in a joint venture with Phoenix Capital Holdings, LTD, the community sits on 19.3 acres and totals 271,600 square feet and consist of one-, two- and three-bedroom units. The apartments are also equipped with fenced-in pet yards, quartz countertops, eat-in kitchen islands, LED ceiling lighting, double sink vanities and various unit finish options. Community amenities include a hammock garden, grilling station, outdoor shuffleboard court, saltwater pool, poolside bar, fitness center featuring top-of-the-line equipment such as a Peloton bike, oversized pet park and coworking booths and micro-offices.
Charlotte’s vibrant University Research Park submarket is home to 23 Fortune 500 company offices and are home to more than 75,000 employees. The area continues to soar as a burgeoning employment hub, and to keep up with the growing population, various local expansion projects are in the works including the Light Rail expansion project to increase accessibility from UNC Charlotte to South End and everywhere in between, and over $215 million in other infrastructure and construction projects underway. In addition, Charlotte is consistently recognized as a top place to live and work and for its vibrant entertainment and dining scenes.
The JLL Capital Markets team representing the seller was led by Allan Lynch, Caylor Mark, Andrea Howard, John Currin and Jeff Glenn.
"Investors continue to target the best in suburban apartments, particularly those of Crescent's high-quality caliber and proximate to job centers like Research Park and Centene's future East Coast Headquarters," said Mark.
“It was a privilege to work on behalf of Crescent Communities, whose clear vision and leading site selection prowess ultimately led to robust investor interest,” added Lynch. “On that note, Crescent demonstrated prescient thinking once again with its three University-area developments already underway when Centene announced plans for an East Coast headquarters, bringing 6,000+ employees to the neighborhood.”
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 sales 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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About JLL
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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 59 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Headquartered in Charlotte, Crescent Communities has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities. For more information, visit crescentcommunities.com.
About RK Properties
Rance King Properties Inc. has specialized in multifamily property investments since 1976. It is a national company with current and previously owned properties acquired throughout the United States. RK Properties has served over 7,000 investors in the last 43 years since inception. Its current portfolio has a current market value of just under $1 billion. The skills and experience of RK professionals have combined to produce a consistent, successful record of performance in apartment investing. Visit rkprop.com for more information.