Greystar picks up pair of multihousing assets

JLL Capital Markets led sale efforts for the Charlotte apartment communities

Barrington Place
JLL Capital Markets closed the sale of Barrington Place and Waterlynn Ridge, Class A multihousing communities in Charlotte, North Carolina. (Photo credit: Iran Watson Photography)

JLL Capital Markets announced that it has closed the sale of Barrington Place and Waterlynn Ridge, Class A multihousing communities totaling 660 units in the Charlotte, North Carolina MSA.

JLL marketed the property on behalf of the seller, Waypoint Real Estate Investments, and procured the buyer, Greystar.

Barrington Place is located at 2410 Allerton Way in the University City submarket of Charlotte, home to major business parks University Research Park, Innovation Park, and University Executive Park, and over 11 million total square feet of office and 75,000 jobs. The UNC system’s fastest growing campus UNC-Charlotte, which produces 6,000 graduates annually with engineering, tech, and health sciences concentrations is 5 minutes from the property. Additionally, North Carolina’s largest ever corporate incentives relocation will be within 10 minutes when Centene opens its 6,000+ job mega-campus in 2022.

Waterlynn Ridge is situated 25 miles north of Charlotte in the Lake Norman community of Mooresville. Located at 123 Waterlynn Ridge Road in a primarily residential area, the property is minutes from Lowe’s Companies 4,000+ job corporate headquarters and the Lake Norman Regional Medical Center. The property has convenient access to the newly completed Interstate 77 express lanes that have reduced commute times into Uptown Charlotte and the University City submarket tremendously.

The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn. Financing efforts were led by Andy Scott and Cory Fowler of JLL.

“The successful sale of Barrington Place and Waterlynn Ridge, during an unprecedented time of market uncertainty given the global pandemic, speaks to the confidence investors have in the Charlotte growth story,” said Howard.

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 sales 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.