News release

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

JLL Capital Markets completed the sale of the 14.98-acre land site located in the Flowers Plantation MPC near Clayton, North Carolina

January 13, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Ardmore Residential

Greensboro-based Ardmore Residential has successfully developed over 4,900 apartments throughout the Southeast since 2011.  For more information, please visit ardmoreresidential.com.