Sale of future multi-housing development in Raleigh suburb closes for $7.26M

RALEIGH, Jan. 13, 2022 – JLL Capital Markets announced today that it has closed the $7.26 million sale of a 14.98-acre multi-housing development in the Flowers Plantation master-planned community (MPC) in Johnston County, North Carolina.

York Properties, Inc and JLL represented the seller, Flowers Holding Company, LLC. Ardmore Residential acquired the asset. This will be Ardmore’s second multi-housing development site within the Flowers community, after purchasing 20 acres in December 2020 for a 396-unit development.

The property, which was vacant at the time of purchase, is well-suited for multi-housing use and will anchor development of another area of Flowers' mixed-use expansion. The site is planned for up to 330 units and will provide a unique multi-housing experience to Flowers with four-story elevator-serviced product, direct sightlines to future mixed-use and to the nearby lake, and high-end amenities.

The Flowers Plantation master-planned community is located at Highway 42 East and Buffalo Road in northeast Johnston County. The property is positioned just 25 minutes from downtown Raleigh, a key economic driver employing over 50,000 people. Additionally, the community is proximate to local conveniences such as Harris Teeter, the East Triangle YMCA and Publix Supermarket.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Director Sarah Godwin. John Koonce worked on behalf of York Properties.

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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