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Raleigh Apartment Community Trades for $26M
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.”
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