JLL Capital Markets announced today that it closed the $21.75 million sale of the 140-unit Reserve at Waterford Lakes multi-housing property in Charlotte, North Carolina.
JLL represented the seller in completing the sale to the buyer, Eller Capital Partners.
Largely unrenovated, Reserve at Waterford Lakes features one- and two-bedroom options with differentiated features such as elegant built-in shelving, crown molding and semi-open concept floorplans. Community amenities include a pool, clubhouse, picnic and grilling areas, fitness center, Bark Park and a business center.
The apartments are located at 8725 Kody Marie Court and positioned near many restaurant, nightlife and retail options, and just 20 minutes from the bustling Downtown Charlotte. Nearby are prominent neighborhoods poised for continued growth, including SouthPark and Quail Hollow, and within walking distance, the Lynx Blue Line, which offers additional access across the Charlotte area.
The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn.
“Reserve at Waterford offers a boutique community-feel with some of the most well-designed floorplans in the Charlotte market,” said Howard. “The stewardship of the seller over the last 13 years has the asset positioned perfectly for future interior renovations that will allow the property to compete head-on with South Park and Quail Hollow rental options.”
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.
About Eller Capital Partners
Chapel Hill, NC based Eller Capital Partners is a private equity real estate firm focused exclusively on investing in multifamily assets that are located in the growing regions of the southeastern United States. Since 2011, Eller has acquired over $375 million of well-located properties, applying a vertically integrated, value-added approach to optimize the performance of each asset. Eller has a senior management team that offers over 100 years of experience in the multifamily industry and has been directly and meaningfully involved in real estate transactions totaling well over $2 billion. The company has expertise in all aspects of real estate acquisition, renovation, construction management, property management, asset management, fund management and disposition. For more information, visit https://www.ellercapital.com/.
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, 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.
