JLL Income Property Trust Sells Charlotte Community for $66M
The buyer assumed the outstanding balance of a $30 million loan.
JLL Income Property Trust has sold Presley Uptown, a 230-unit community in Charlotte, N.C. Eaton Vance Investment Managers purchased the property for $65.8 million and assumed the outstanding balance of a $30 million loan, Yardi Matrix data shows. Insurance company Swiss Re originated the 10-year loan in 2019, when JLL acquired the property for $55.3 million, according to the same source. Cushman & Wakefield advised the seller.
Completed in 2016, the Class A community encompasses studio, one-, two- and three-bedroom layouts, varying between 450 and 1,525 square feet, along with ground-floor retail. In-unit features include washers, dryers and private balconies or patios in select apartments.
Common-area amenities at the 2.2-acre property consist of a fitness center with a yoga room, clubhouse, business center, pet spa, cyber café and a swimming pool with cabana clubroom. In addition, there are some 290 parking spaces available.
Located at 900 E. Brooklyn Village Ave. in downtown Charlotte, the building is 1 mile from Metropolitan shopping center and a Target store. Novant Health Presbyterian Medical Center and Atrium Health Carolinas Medical Center are within a 2-mile radius, while Charlotte Douglas International Airport is 6.3 miles west.
Cushman & Wakefield Senior Director Michael Saclarides led the team that worked on behalf of the seller. Earlier this year, Saclarides represented Switzenbaum & Associates in the $96.3 million sale of Sycamore at Tyvola, a 288-unit community in Charlotte.
The Queen City faces headwinds
Year-to-date through November, multifamily transactions in the Charlotte metro totaled $1.8 billion, a steep decline from the $5.5 billion in assets that changed hands over the same period of last year. A total of 111 properties, or 21,224 units, traded last year in the 11 months ending in November, compared to only 43 communities, or 7,899 apartments, during the same time this year.
Recent transactions in Charlotte include FriedLam Partners’ acquisition of two multifamily properties, adding 292 units to its inventory. The pair of communities came online in 1986 and were sold for roughly $34 million.