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Eaton Vance Picks Charlotte Rental Community for $65.8M
JLL Income Property Trust has sold Presley Uptown, a 230-unit community in Charlotte, for $65.8 million, nearly $300K/unit. The JLL REIT paid $55 million for the project in 2019. The buyer, Eaton Vance Investment Managers also assumed the outstanding balance of a $30 million loan, Yardi Matrix data shows. Insurance company Swiss Re originated the 10-year loan in 2019, when JLL acquired the property for $55.3 million. Cushman & Wakefield advised the seller.
Completed in 2016, the Class A community encompasses studio, one-, two- and three-bedroom layouts, varying between 450 and 1,525 square feet, along with ground-floor retail. In-unit features include washers, dryers and private balconies or patios in select apartments.
Common-area amenities at the 2.2-acre property include a fitness center with a yoga room, clubhouse, business center, pet spa, cyber café and a swimming pool with cabana clubroom.
- ◦Sale/Acquisition
