October 9, 2019
JLL Income Property Trust acquired Presley Uptown, a 230-unit multifamily property in Charlotte. The sales price was $55 million. The seller was not disclosed. Atlanta-based multifamily real estate investment platform Penler was a minority investor in the transaction.
Located just off I-277, the pet-friendly community is near several shopping, dining and entertainment options, as well as green space and major sports arenas. A Lynx Blue Line rail station and a Whole Foods location are also within walking distance of the property. Amenities include a saltwater pool with aqua bar, a sky lounge rooftop deck and a fitness center. Penler plans to refresh some of the common areas of the property in the coming year.
“The acquisition of Presley Uptown is another example of our apartment strategy focused on urban markets with strong demographic dynamics located near employment centers with favorable potential for growth,” said Allan Swaringen, CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to over $950 million, with over 3,600 apartment units, representing 34% of our $2.9 billion, 75-property portfolio.”
“This investment is a prime example of our strategy to acquire well located, in-fill projects in high-growth Southeastern markets at an attractive cost basis,” said Graham Carpenter, managing partner at Penler.
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