CHARLOTTE – 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% 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.

CHICAGO, IL – February 12, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged joint venture and preferred equity totaling $28.9 million to capitalize the development of Radius Apartments, a 13-story, 389-unit, Class A apartment project in Orlando, Florida.

The HFF team worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.89 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue chip life company.

Radius Apartments will be situated at the corner of N. Rosalind Avenue and E. Livingston Street with sweeping views of Lake Eola to the southeast.  The centrally located development will also be adjacent to the Orlando CBD and within walking distance to the new LYNX SunRail Central station, nightlife amenities along Orange Avenue and the under-construction UCF Medical Downtown Campus.  Due for completion in 2020, the building will feature 12 stories of residential space situated above street-facing retail on the first floor, an adjacent six-story parking garage and a public courtyard.  The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf.  A secondary amenity deck will provide quieter green space for outdoor yoga, bocce ball and lounge seating.  Additional amenities will include a dog run, bike parking and tenant storage.

The HFF equity placement team was led by managing director Matthew Schoenfeldt along with senior managing director Michael Weinberg, senior director Brett Moss, senior managing director Matt Mitchell and analyst Tyler Swidler.

HFF has arranged financing for other notable multi-housing developments in Downtown Orlando during the past 18 months, including $60 million for Lake House in Ivanhoe Village and more than $100 million for the mixed-use, student housing community at UCF’s urban campus at Creative Village.