Wood Partners has sold Alta Blu, a 298-unit, Class A community in Chapel Hill, N.C. JLL assisted the seller and procured the buyer, Principal Real Estate Investors.
Completed in 2019, the 5-building property comprises of one-, two- and three-bedroom apartments and 5,000 square feet of coworking office space. Units feature stainless steel appliances, granite countertops, walk-in closets and in-home washers and dryers. Common-area amenities include a swimming pool, fitness center, resident lounge and business center. According to Yardi Matrix, the community was 89.9 percent occupied as of December 2019.
Located on approximately 15 acres at 5840 Farrington Road, Alta Blu is just off Interstate 40 and within walking distance of Carolina Pointe I medical center. The surrounding area has several dining and retail options, including Hope Valley Commons, which is 5 miles from the asset.
The JLL team representing the seller was led by Jeff Glenn, Justin Good, Allan Lynch, Caylor Mark and Andrea Howard. In December 2019, the same team assisted the seller of a 351-unit multifamily community in Cary, N.C.