CHARLOTTE – JLL Capital Markets announced today it has closed the sale of Alta Blu, a 298-unit, Class A apartment community in Chapel Hill, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners, and procured the buyer, Principal Real Estate Investors.

Alta Blu is located at 5840 Farrington Road in Chapel Hill near some of the Research Triangle’s largest knowledge and technology-driven employers. The property is also near Highway 54 and Interstate 40, which provides residents with easy access to the area’s top retail and grocers. Completed in 2019, the community consists of 282,628 rentable square feet of residential across a mix of studio through three-bedroom homes and 5,000 square feet of co-working office space. Apartments feature spacious floor plans, stainless steel appliances, sleek white cabinetry, granite countertops, expansive walk-in closets, wood-style flooring, in-home washers and dryers, and private patios or balconies. Community amenities include a saltwater pool, courtyard with outdoor theatre, resident lounge, business center, fitness center, dog walking service and nearby access to botanical gardens and walking trails.

The JLL Capital Markets team representing the seller was led by Managing Directors Justin Good and Jeff Glenn, Senior Vice President Andrea Howard, Senior Directors Allan Lynch and Caylor Mark, and Vice President John Currin.

“Alta Blu’s sale represents the latest institutional endorsement for Chapel Hill and the greater Raleigh-Durham MSA,” Glenn said. “Unique product with tremendous access to STEM jobs and intellectual capital continues to garner significant investor interest.”

“With ties to UNC-Chapel Hill and Duke University across all parties to the transaction, Alta Blu’s growth story and investment thesis resonated on many levels from ground-up to ultimate sale,” Mark added.