Trammell Crow Residential sells Alexan Optimist Park in Charlotte
JLL Capital Markets led the sales efforts on behalf of Trammell Crow Residential
JLL worked on behalf of the seller, Trammell Crow Residential, to complete the sale.
Built in 2019 on 2.5 acres, Alexan Optimist Park is a midrise apartment community consisting of studio, one- and two-bedroom units and features sparkling quartz countertops, oversized kitchen islands, beverage refrigerators, customizable closets, and stainless-steel appliances. Community amenities at the 95%-leased property include an outdoor pavilion with grilling stations, a raised saltwater pool, coworking spaces, fitness center equipped with a Peloton bikes, clubroom, and pet-friendly social lounge.
Located at 1009 N. Caldwell St., Alexan Optimist Park is positioned in a premier live-work-play environment in the heart of the Mill District, a former textile manufacturing area that underwent a revitalization to expand its urban footprint. The community is just a few minutes from Uptown, Charlotte’s downtown area employing over 116,000 people, NoDa, the city’s Historic Arts District, and the trendy Optimist Hall, with over 20 food stalls.
Due to Charlotte’s recent office development boom, investors have become increasingly interested in Uptown’s nearby up-and-coming neighborhoods including the Mill District. The Mill District’s historic roots and cultural elements were inspiration for the property’s unique design elements, including train station notice boards, exposed brick walls, and graffiti murals painted by a local artist, among other accents throughout common areas. Additionally, the Mill District is known for its entertainment scene, boasting diverse food and retail options.
TCR recently announced the opening of a permanent regional office in Raleigh to service the Carolinas, which will be led by Robbie Brooks, TCR’s current Managing Director of the Mid-Atlantic Region. Brooks will transition from that role to focus full-time on sourcing and executing new ground-up development opportunities for premier multifamily communities in the Research Triangle and Charlotte submarkets, which are experiencing unprecedented demand for Class-A apartments.
The JLL Capital Markets team representing the seller was led by Allan Lynch, Caylor Mark, Andrea Howard, Jeff Glenn and John Currin.
“With Alexan Optimist Park, Trammell Crow Residential’s delivery of custom-home finishes in a coveted location served as both an outstanding investment opportunity and important catalyst in the Mill District's exciting transformation,” said Mark.
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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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 Trammell Crow Residential
Trammell Crow Residential (TCR) is a national multifamily real estate developer with 11 regional offices. For over 40 years, Trammell Crow Residential has been developing premier, amenity-rich multifamily communities and has delivered more than 250,000 residences in economically thriving locations. TCR, Crow Holdings Industrial (CHI) and Crow Holdings Office (CHO) are the development platform of Crow Holdings, a privately owned real estate investment and development firm with a 70-year history and a strong track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/tcr.