JLL closes sale of Charlotte apartment community

Transit-oriented community in North Charlotte sells to RK Properties

Alta Prosperity Village
JLL closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL announced it has closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners and its investment partner, and procured the buyer, RK Properties.

Alta Prosperity Village is located at 7304 Brice Knoll Lane just north of the intersection of Interstate 485 and Prosperity Church Road in North Charlotte. In addition to connectivity to major employment centers, the property’s location within Prosperity Village Square offers walkability to a Publix Supermarket and a variety of other retailers and restaurants. Completed in 2018, the property offers residents Class A amenities such as a resort-style saltwater pool, outdoor TV lounge and grilling station, 24-hour fitness center, private gaming room, business center, coffee bar, dog park, pet spa and garages. Units average 1,045 square feet with top-notch finishes, including large kitchen islands, stainless steel appliances, custom subway tile backsplashes, quartz countertops, plank flooring, nine-foot ceilings and private rotunda balconies.

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark and Managing Directors Justin Good and Jeff Glenn.

“The main attributes apartment investors target are grocer adjacency, job connectivity and demonstrated rental demand,” Lynch said. “With Publix next door, immediate I-485 interchange access to three major job clusters and proven onsite performance, Alta Prosperity Village presented a compelling investment opportunity by having all of those qualities.”

“Wood Partners’ early identification of this burgeoning pocket of Charlotte and subsequent development execution was validated in the property’s competitive marketing process,” Mark added. “RK Properties emerged from a highly qualified field and performed tremendously in its acquisition.”

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 GP Corp. (HFF) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.