LL announces it has closed the sale of Novel NoDa, a 344-unit, mid-rise apartment community in Charlotte, North Carolina.
JLL marketed the property on behalf of the seller, Charlotte-based Crescent Communities, which also developed the community in 2018.
Novel NoDa is situated on an approximately six-acre site at 424 E. 36th Street. The property offers residents immediate access to light rail service, which directly connects to Charlotte’s largest employment centers, including the Uptown and University submarkets. Novel NoDa is surrounded by top-notch retail, including the Salud Beer Shop, The Barre Code, Wooden Robot Brewery, Rush Bowls and Idlewild cocktail bar. The NGBS Bronze-certified property consists of modern units with high-end finishes averaging 817 square feet. Community amenities include a saltwater pool with sun shelf; common courtyard with beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces.
The JLL Capital Markets team representing the seller was led by senior director Allan Lynch, director Caylor Mark, managing directors Justin Good and Jeff Glenn, and senior managing director Roberto Casas.
“Authenticity, connectivity and activity are the top traits that both residents and investors seek, particularly in high-growth markets like Charlotte,” Lynch said. “Novel NoDa embodies all of this. It is a truly unique asset woven into the fabric of the thriving North Davidson Arts District and 36th Street light rail.”
“Crescent Communities only strengthened its impressive track record of delivering differentiated communities with the development of Novel NoDa,” Mark added. “Its market reception and this transaction is the latest endorsement for this unique community, neighborhood and the Charlotte market,” Mark added.
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 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.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed-use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest-growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single-family master-planned communities, 57 multifamily communities and more than 20 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.