Windemere Apartments in Raleigh sold for $26M
JLL Capital Markets handled the sale of the 168-unit garden-style property
RALEIGH, January 13, 2021 – JLL Capital Markets announced today that it has closed the $26 million sale of the 168-unit Windemere Apartments in North Raleigh, North Carolina.
JLL represented the seller, Northland Investment Corporation, in completing the sale to the buyer, S2 Capital.
Windemere is a garden-style community that was originally completed in 1990. With 77% of units still in true “classic” condition, the property offers attractive value-add upside for the buyer. Proposed unit upgrades include granite countertops in kitchens and bathrooms, new hardware and painted cabinets, stainless-steel appliances, plank flooring and new lighting and plumbing fixtures.
Located in the supply-protected North Raleigh submarket, equidistant to North Hills and Crabtree Valley Mall, the asset is one of the best-located in the entire MSA. Raleigh’s leading population growth has put tremendous upward pressure on rents across the market, and with just 450 multi-housing units delivered in the last 10 years in this pocket, Windemere is poised for continued revenue growth. Windemere is also located just 10 minutes from key employment hubs, including Downtown Raleigh, which employs over 45,000 people, and Research Triangle Park, employing over 50,000 people.
The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Jeff Glenn, Allan Lynch and Caylor Mark.
Howard says, “Windemere is the quintessential Raleigh value-add asset, with its access to the Triangle’s premier employment hubs, differentiated architecture and floor plans, and immense renovation potential. Our team was thrilled to have the opportunity to represent Northland on such a prized Raleigh property.”
“North Raleigh has been one of the most consistently resilient and high-growth submarkets in our region and we are excited to have worked with S2 on their first multi-housing acquisition in Raleigh-Durham,” Currin added.
Northland owns and operates a diversified multi-housing portfolio that includes more than 25,000 units across the U.S. In North Carolina, the firm currently owns Inspire SouthPark and Randolph Park within the Charlotte market.
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 Northland Investment Corporation
Northland Investment Corporation is a real estate private equity firm with $6 billion of assets under management, including more than 25,000 residential units and 2.1 million square feet of commercial space, and a $3 billion development pipeline. Northland’s core competency is the acquisition, development, long-term ownership, and management of multifamily and mixed-use assets. The firm currently owns and manages properties across the country with significant concentrations in New England, Austin, the Southwestern and Southeastern United States. Northland was named to the 2020 National Multifamily Housing Council’s (NMHC) list of Top 50 Largest Apartment Owners, the 2021 Multifamily Leaderships’ list of Best Places to Work in Multifamily, and the Top 25 Best Places to Work in Multifamily for Women.
About S2 Capital, LLC
S2 Capital was founded in 2012 to build a national multifamily investment platform specializing in value-add multifamily properties. Its affiliate, S2 Construction LLC, has managed construction/rehabilitation at all of its projects. S2 attributes its success to its people, creating relationships with industry leading investment and banking partners, staying disciplined in their investment strategy, and focusing on driving innovation, distinction, and excellence through all facets of multifamily ownership. S2 was ranked the “Fastest-Growing Real Estate Company in the U.S.” by Inc. Magazine two years in a row, was voted a “Top 100 Places to Work” by Dallas Business Journal and ranked 21st nationally for “2018 Best Places to Work” by Multifamily Leadership. For more information, visit S2cp.com or call 214.646.9901.