Jones Lang LaSalle Incorporated: Sale of land for a multi-unit project in Cary, NC

RALEIGH, NC, October 19, 2021 –JLL announced today that it has completed the sale of $ 5 million land for a 5.77-acre infill development opportunity zoned for multi-family housing, part of the Twin Lakes Center in Cary, North Carolina.

JLL marketed the property on behalf of the seller, Leyland Twin Lakes, LLC. SunCap Property Group (“SunCap”) acquired the property.

Located along Davis Drive, the site is located in the Twin Lakes Planned Development District (PDD), which also includes a new 100,000 square foot shopping center anchored in Wegmans. SunCap successfully rezoned the property in May 2021 to accommodate 230 one, two and three bedroom residences. The community will be called Ashby at Twin Lakes and will take advantage of the property’s adjacent access to the area’s greenway system. Facilities include a courtyard and swimming pool, gas barbecues, indoor / outdoor fitness center, training stations, dog park and spa, bicycle storage and secure parking.

David Lee of SunCap’s Multi-Family Division worked closely with the Town of Cary to plan for the community.

“SunCap is very excited to launch our first multi-unit property in the RTP area,” commented Lee, Senior Vice President. “We have been studying the market for some time and believe this is the perfect opportunity to bring an outdoors-centric, bicycle-friendly residential offering to the region.”

As Cary is known for its explosive population growth (43 percent over the past 15 years), the recently built West Cary multi-unit product is reaching new market rent thresholds, with these top-notch new developments commanding average rent north of $ 1,600 per month. With the bulk of the submarket inventory built before 2012, new construction has commanded high rents for residents desiring an upscale living option. A major driver of apartment demand in the West Cary submarket is its proximity to the employment nodes of Cary, RTP and Durham, as well as its relative proximity to the other dense employment nodes of Raleigh.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Sarah Godwin.

“The Twin Lakes development is well positioned along Davis Drive, Cary’s main thoroughfare to RTP, and is located just 5 minutes from the future RTP campus of a leading technology company,” said Godwin. “The community has strong pedestrian connectivity at Wegmans and will benefit from a future connection with a greenway trail.”

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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