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Atlanta & Southeast  + Southeast  + Apartments  |  December 21, 2020
David Cohen
By: David Cohen

Charlotte MF Community Trades for $70M

JLL has brokered the $69.5 million sale of Novel Research Park, a 280-unit, 271,600-square-foot, garden-style multifamily community within University Research Park in Charlotte.

Developed by the seller, Crescent Communities, in 2019 as part of a joint venture with Phoenix Capital Holdings, the community sits on 19 acres. Apartment units at the community are equipped with fenced-in pet yards, quartz countertops, eat-in kitchen islands, LED lighting, double sink vanities and various unit finish options. Community amenities include a hammock garden, grilling station, outdoor shuffleboard court, saltwater pool, poolside bar, fitness center, pet park and coworking booths as well as micro-offices.

Allan Lynch, Caylor Mark, Andrea Howard, John Currin and Jeff Glenn of JLL represented Crescent Communities in the sale. RK Properties acquired the community.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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