JLL Capital Markets announced that it has arranged the sale and acquisition financing for the Greens at Centennial, a 292-unit multifamily community in Raleigh, North Carolina.
JLL sourced the buyer and co-brokered the sale in conjunction with Capital Associates who represented the seller, an affiliate of Capital Associates. The buyer, an affiliate of a fund managed by Arboretum Partners, was also represented by JLL in securing financing through the Canadian Imperial Bank of Commerce.
Built in 2014, Greens at Centennial offers a mix of studios, one- and two-bedroom apartments, with an average unit size of 941 square feet. Spread across three mid-rise buildings, residents can enjoy a range of amenities, including a saltwater pool, 24-hour fitness center, fenced dog park and landscaped courtyards with grilling areas. The asset is on a ground lease with the University.
Raleigh continues to be one of the fastest-growing metropolitan areas in the country, driven by its robust economy, highly educated workforce and outstanding quality of life. The Centennial Campus location offers a unique live-work-play environment with proximity to leading technology and research companies.
JLL Capital Market’s Investment Sales and Advisory team was led by Managing Directors John Mikels and John Gavigan and Associates Chase Monroe and William Martin. JLL Capital Market’s Debt Advisory team was spearheaded by Managing Director Taylor Allison and Director Brad Woolard.
“The successful sale and financing of Greens at Centennial demonstrates the continued strength of the Raleigh multifamily market,” said Mikels. “This property’s location within the Centennial Campus and its potential for value-add improvements make it an attractive investment in today’s market.”
“The Greens at Centennial is a remarkable opportunity to invest in one of Raleigh’s most dynamic and thoughtfully planned environments,” said Michael Eubanks, Co-founder and Managing Partner at Arboretum Partners. “We’re proud to expand our presence here in our own backyard through this acquisition, and are deeply grateful to our partners — JLL, CIBC Bank USA, Bell Partners and many others — for their collaboration in making it possible. We look forward to stewarding this community and contributing to the continued vitality of the Triangle.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
