Investor buys Charlotte’s Residence at SouthPark

JLL Capital Markets closed the sale of the property in the booming Charlotte submarket to CBRE Global Investors

196
Residence at SouthPark
JLL Capital Markets closed the sale of the 150-unit Residence at SouthPark multihousing property located in the SouthPark submarket of Charlotte.

JLL Capital Markets announced that it has closed the sale of the 150-unit Residence at SouthPark multihousing property located at 4300 Sharon Rd. in the SouthPark submarket of Charlotte.

JLL closed the property sale from institutional investors advised by J.P. Morgan Asset Management to a fund sponsored by CBRE Global Investors.

Built in 2007, the Residence at SouthPark offers one-, two- and three-bedroom apartments that average 1,573 square feet each. The property sits on 5.56 acres and totals 236,189 square feet, holding 96 percent occupancy. All units include 10-22’ ceilings, built-in bookcases and workstations, gourmet kitchens, washers and dryers, granite countertops and stainless-steel appliances. Additionally, the Residence at SouthPark offers penthouse and loft apartments. Community amenities include a rooftop deck with a saltwater pool and firepits, club level with skyline views, 24-hour fitness center, business center, game room and a coffee, tea and wine bar.

The SouthPark submarket has been noticing a boom in interest because of the area’s recent urbanization in response to demand from young families desiring more space with suburban schooling without sacrificing city-life amenities. With walkability to local dining, retail and grocery top-of-mind, the apartments are in close proximity to Whole Foods and the premier SouthPark Mall and Sharon Square shopping destinations, among others. SouthPark is near other elite Charlotte neighborhoods such as Myers Park, which is just five minutes from the property and offers more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth, which offers over 767,000 square feet of additional retail, restaurants, galleries, pubs and more.

The JLL Capital Markets team representing the seller was led by Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn.

“Residence at SouthPark is an iconic Charlotte address that is primed for renovation after originally delivering in 2007,” said Lynch. “The community’s concrete construction and oversized units also make it one of the most attractive assets in the Carolinas.”

“The Residence at SouthPark is a well-maintained and well-located asset in suburban Charlotte, where we believe we will continue to see outsized demand for high-end apartments,” said Robert Perry, Executive Managing Director of CBRE Global Investors. “This particular asset performed well throughout the COVID-19 pandemic, in part due to its oversized layouts and boutique unit count. We are looking forward to the continued successful operation of the property by our team.”

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.