Urban 224-unit Lincoln apartments sold in Raleigh
JLL Capital Markets represents Banner Real Estate Group for sale of “urban renaissance” property
CHARLOTTE, N.C., AUG. 4, 2020 – JLL Capital Markets announced today that it has completed the sale of The Lincoln, a 224-unit, mid-rise apartment community located at 408 E. Hargett Street in Raleigh, North Carolina. JLL represented the seller, Banner Real Estate Group.
The Lincoln is located in one of Raleigh’s most vibrant and transformative downtown neighborhoods. Having a Walk Score® of 95, The Lincoln is in close proximity to the region’s second largest employment center, employing over 48,000 people, and 250 restaurant and retail locations.
Completed in 2015, the property sits on two acres in the historic Moore Square District, also known as Raleigh’s “urban renaissance”, which has recently been driven by an influx of public and private investment opportunities and is increasing in value. The City of Raleigh recently completed a thorough renovation of Moore Square, which is flanked by popular restaurants, nightlife venues, historic City Market, and Exploris Museum and IMAX Theater. The community is also within walking distance to the new Transfer Food Hall and the Historic Oakwood neighborhood.
The units average about 759 square feet with modern and luxurious room features such as wood-style flooring, granite countertops, oversized windows, GE stainless steel appliances, walk-in closets and more. Communal areas include a pool and sundeck and well as an outdoor fireplace with entertainment areas.
The JLL Capital Markets Investment Advisory team includes Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch and Directors Caylor Mark and John Currin. Debt and financing are led by Managing Directors Roger Edwards and Matthew Schoenfeldt.
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 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 nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Banner Real Estate Group
Banner Real Estate Group and its affiliates (“Banner”) are a group of real estate companies based in Northbrook, Illinois. Banner focuses on the acquisition, management, and development of multifamily, self-storage and senior housing properties nationwide. Since its founding in 1989, Banner has acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion. For more information, visit BannerRealEstateGroup.com.