Redwood Capital Buys New Charlotte Community
- Jul 12, 2019
Redwood Capital Group has acquired The Lowrie, a 245-unit, Class A housing community newly developed by Proffitt Dixon Partners in Charlotte, N.C. The property at 3570 Toringdon Way was delivered in summer 2018 and is currently more than 76 percent occupied, according to Yardi Matrix.
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JLL marketed the property on behalf of the seller and worked on behalf of the new owner to land an acquisition loan through an unidentified life insurance firm. In a statement, the brokerage noted that Redwood purchased the asset free and clear of existing debt from Proffitt Dixon Partners.
Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark led the JLL Capital Markets team that represented the seller. Travis Anderson and Cory Fowler led the debt placement team at HFF that represented the new owner. HFF was acquired by JLL after the deal was secured.
The Carlyle Group provided joint venture equity capital for the development in 2016, while TD Bank provided a $29.9 million construction loan.
High-end amenities in Ballantyne
The four-story building in south Charlotte’s Ballantyne neighborhood provides units ranging in size from studios to three-bedroom layouts. Amenities include a resort-style saltwater pool, rooftop clubhouse, outdoor screening area, coworking space, fitness center and concierge service, as well as a secured access garage with covered parking. Units are equipped with smart home technology from IOTAS, designer kitchens with islands and private patios or balconies.
The property is adjacent to the six-building Toringdon Office Park (where a seventh building is currently under construction) and within walking distance of Ballantyne Corporate Park, a 2,000-acre community with more than 4 million square feet of office space. Walkable retail options include the Toringdon Market shopping mall.
The Ballantyne–Providence submarket witnessed $227 million of multifamily transaction volume from May 2018 to April 2019, according to a recent Yardi Matrix report, making the area second only to Southwest Charlotte for deal volume.