Oasis-inspired NOVEL Research Park apartments sold for $69.5 million

JLL Capital Markets closed the sale of the 280-unit property in University Research Park

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NOVEL Research Park
JLL closed the $69.5 million sale of the luxury, garden-style NOVEL Research Park, a multihousing community in Charlotte, North Carolina.

JLL Capital Markets announced that it has closed the $69.5 million sale of the luxury, garden-style NOVEL Research Park, by Crescent Communities, a multihousing community within University Research Park in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Crescent Communities. RK Properties purchased the property.

Developed by the seller in 2019 in a joint venture with Phoenix Capital Holdings, LTD, the community sits on 19.3 acres and totals 271,600 square feet and consist of one-, two- and three-bedroom units. The apartments are also equipped with fenced-in pet yards, quartz countertops, eat-in kitchen islands, LED ceiling lighting, double sink vanities and various unit finish options. Community amenities include a hammock garden, grilling station, outdoor shuffleboard court, saltwater pool, poolside bar, fitness center featuring top-of-the-line equipment such as a Peloton bike, oversized pet park and coworking booths and micro-offices.

Charlotte’s vibrant University Research Park submarket is home to 23 Fortune 500 company offices and are home to more than 75,000 employees. The area continues to soar as a burgeoning employment hub, and to keep up with the growing population, various local expansion projects are in the works including the Light Rail expansion project to increase accessibility from UNC Charlotte to South End and everywhere in between, and over $215 million in other infrastructure and construction projects underway. In addition, Charlotte is consistently recognized as a top place to live and work and for its vibrant entertainment and dining scenes.

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

“Investors continue to target the best in suburban apartments, particularly those of Crescent’s high-quality caliber and proximate to job centers like Research Park and Centene’s future East Coast Headquarters,” said Mark.

“It was a privilege to work on behalf of Crescent Communities, whose clear vision and leading site selection prowess ultimately led to robust investor interest,” added Lynch. “On that note, Crescent demonstrated prescient thinking once again with its three University-area developments already underway when Centene announced plans for an East Coast headquarters, bringing 6,000+ employees to the neighborhood.”

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.