CHARLOTTE, N.C. — Rosemont, Ill.-based McShane Construction Co. has plans to build a 397-unit apartment community in Charlotte’s University submarket. Dynamik Design is the project’s architect, and Flournoy Development Group is the developer. The project is slated for completion by January 2024. The project’s name was not disclosed. The multifamily development will include five apartment buildings and 10 townhome-style buildings. Unit features will include vinyl plank flooring, quartz countertops and black fixtures and hardware. Additionally, 10 of the units will include a downstairs workspace for tenants to use as an office or small storefront. Community amenities will include a clubroom, fitness center, yoga studio, coworking lounge, hobby room, bike storage, kitchen, heated pool, courtyard, green space and a market. Located on 24.6 acres at 930 W. Mallard Creek Church Road, the project is situated within two miles from the University of North Carolina at Charlotte and 5.8 miles from Charlotte Motor Speedway.
DURHAM, N.C. — Crescent Communities has acquired SouthCourt, a 133,368-square-foot, Class A office property in Durham. John Mikels, Daniel Flynn, Ryan Clutter and Chris Lingerfelt of JLL Capital Markets represented the undisclosed seller. The sales price was also not disclosed. Built in 1998, the six-story SouthCourt office property was 75.4 percent leased at the time of sale to a variety of tenants, including publicly traded international firms, expanding regional companies and local businesses in the healthcare, financial services, life sciences and legal industries. Located at 3211 Shannon Road, SouthCourt is situated 4.1 miles from downtown Durham and 7.6 miles from Chapel Hill. In addition, SouthCourt is close to Duke University, University of North Carolina at Chapel Hill and Research Triangle Park, as well as the Interstate 40.
RALEIGH, N.C. — Alliance Residential Co. has acquired 15.7 acres in Raleigh for the development of Prose New Hope, a 344-unit apartment community that marks the firm’s first Prose-branded property in the city. Prose is a new housing concept focused on building attainable homes near high-growth employment areas such as Raleigh. The seller and sales price of the land was not disclosed. Construction of Prose New Hope is slated for completion by early 2023. The property will offer one- and two-bedroom floorplans with an average unit size of 1,012 square feet. Unit features will include granite countertops, shaker style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, clubhouse, fitness center, business center and a dog park. Located at 4100 Buffaloe Road, Prose New Hope will be situated across the street from a new Lidl grocery store, as well as Triangle Town Center. The property will also be close to Highway 401, Interstates 440 and 540, downtown Raleigh, NC State and Wake Technical Community College’s northern campus.
CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.
CHARLOTTE, N.C. — Manhattan Beach, Calif.-based Magma Equities, in a joint venture with funds managed by Franklin Templeton, has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte. The sales price was $79.3 million. Arel Capital was the seller. Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartments are housed in 26 three-story residential buildings on a 35-acre site. Community amenities include two swimming pools, a clubhouse, fitness center, sand volleyball court, basketball courts, tennis courts and a dog park. The property was 95 percent occupied at the time of sale. The two companies plan to upgrade the property with improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors. Located at 6316 Cameron Forest Lane, the property is close to the 1.6 million-square-foot SouthPark Mall, 8.2 miles from downtown Charlotte and 2.5 miles from Park Road Park, a recreational park with a basketball court, tennis court and baseball fields.
MORRISVILLE, N.C. — A joint venture between Starwood Capital Group and Trinity Capital Advisors has announced plans to develop Spark LS, a $1 billion life sciences campus located within North Carolina’s Research Triangle in Morrisville. The 109-acre development will be located at the intersection of McCrimmon Parkway and Airport Boulevard, four miles from Raleigh-Durham Airport and five miles from Apple’s new $1 billion office campus. The 1.5 million-square-foot project is set to include 12 to 15 buildings with lab and bio-manufacturing space, green spaces, restaurants, retail, a STEM education and amenity center, and several multi-use outdoor recreation areas. “We’re excited to continue investing in the Raleigh life sciences market, one of the top clusters in the country,” says Mark Keatley, managing director at Starwood Capital. “The Raleigh life sciences market benefits from record levels of public- and private-sector funding, which is driving increasing demand for high-quality lab and bio-manufacturing space.” Architectural firm Hanbury has been tapped to design the campus, with Doug Cook and Suzanna Nichols of Cushman & Wakefield heading up leasing efforts for the project. A timeline for the development was not announced. Starwood and Trinity have acquired or developed 5.1 million square feet of office and life …
RALEIGH, N.C. — JLL Capital Markets has arranged the $330 million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh. The sale represents the largest single real estate transaction in downtown Raleigh’s history, according to JLL. Heritage Properties Inc. sold the asset to City Office REIT (NYSE: CIO). Bloc 83 consists of two Class A office towers that were built in 2019 and 2021. Known as One Glenwood and Tower II, the buildings are 79 percent leased and are anchored by Envestnet, First Horizon Bank and McAdams. Envestnet is a financial services and technology company, while McAdams is a civil engineering company. The development features street-level retail space and two onsite parking garages. Amenities include a fitness center, rooftop space, locker rooms with showers, tenant lounges and an interactive sports room with a golf simulator. The properties are positioned on a little over three acres in Glenwood South, a growing mixed-use district of Raleigh. The Origin Hotel is located onsite and is connected to the One Glenwood parking garage. “Glenwood South has rapidly transformed into the preeminent live-work-play destination in Raleigh,” says Ryan Clutter, senior managing director with JLL. “About half of the residents have …
LELAND, N.C. — Goodegg Investments and Mesos Capital have bought Waterleaf at Leland, a 248-unit apartment community in Leland. Julie Lam and Annie Dickerson of Goodegg Investments, as well as Pancham Gupta and Rajan Gupta at Mesos Capital led the sales transaction. The sales price and seller were not disclosed. Built in April 2021, Waterleaf at Leland offers studio, one-, two- and three-bedroom floorplans. Unit features includes granite countertops, tile backsplashes, nine-foot ceilings, custom hardwood cabinets, modern lighting, stainless steel appliances, wood-vinyl plank flooring and private porches. Community amenities include a saltwater pool with outdoor fireplace, clubhouse with coffee bar, 24-hour fitness center with yoga and spin room, pickleball court, business center, car wash, dog park, community bike and kayak barn, private garages available and valet trash. The property was 96.4 percent occupied at the time of sale. Located at 7410 Cordoba Circle, Waterleaf at Leland is situated 9.3 miles from Wilmington.
WINSTON-SALEM, N.C. — Marcus & Millichap has arranged the sale of DoubleTree by Hilton Hotel Winston-Salem University, a 150-room hotel property in Winston-Salem. Jack Davis, Joce Messinger and Josh Williams of Marcus & Millichap represented the seller, an undisclosed private investor. The listing team also secured and represented the buyer, another private investor. The sales price was also not disclosed. Located at 5790 University Parkway, the DoubleTree by Hilton is situated within four miles from Wake Forest University and about nine miles from Salem College, Hanes Mall and Bowman Gray Stadium, a NASCAR racetrack. Built in 1987 and renovated in 2015, the hotel’s amenities include complimentary Wi-Fi, laundry facilities, a restaurant and bar, event center, 24-hour fitness center, outdoor pool and a fire pit.
BURLINGTON, N.C. — Several new tenants are set to open at Church Street Commons, a recently constructed shopping center located at the intersection of Huffman Mill Road and Church Street in Burlington. Morgan Cos. purchased the 9.6-acre property where Church Street Commons now stands in February 2019. The property was formerly the site of a Sears department store. The owner and developer of the center, Morgan Cos., recently welcomed a new Publix supermarket. My Eyelab, an optical retailer, also opened at the center in December. The retailers that will soon open at Church Street Commons includes The Habit Burger Grill, a burger restaurant; Aspen Dental, a dental services provider; Popeye’s, a New Orleans-based fast food chain; uBreakiFix, a same-day electronics repairs provider; and Church Street Nails, a nail salon and spa. The retailers are expected to open in the first quarter of this year.