JLL has arranged the $26 million sale of Windemere Apartments, a 168-unit garden-style apartment community in North Raleigh, N.C.
Originally built in 1990, the community offers value-add upside for the buyer due to 77% of the units still needing updates. Proposed unit upgrades include granite countertops in kitchens and bathrooms, new hardware and painted cabinets, stainless-steel appliances, plank flooring and new lighting and plumbing fixtures.
Andrea Howard, John Currin, Jeff Glenn, Allan Lynch and Caylor Mark of JLL represented the seller, Northland Investment Corp., in the transaction. The buyer was S2 Capital.
“Windemere is the quintessential Raleigh value-add asset, with its access to the Triangle’s premier employment hubs, differentiated architecture and floor plans, and immense renovation potential,” said Howard. “Our team was thrilled to have the opportunity to represent Northland on such a prized Raleigh property.”
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.