JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.
JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group, and procured the buyer, Goldman Sachs Merchant Banking Division.
Tradition at Stonewater is located at 12000 Wisdom Drive near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2009, the institutionally maintained property is 96 percent leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.
The JLL Capital Markets team representing the seller included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea 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 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.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.