Charlotte multi-housing asset trades for $91M

CHARLOTTE, Nov. 16, 2022 – JLL Capital Markets announced today that it has closed the $91 million acquisition of and the $60.3 million financing for Abberly NoDa Vista (formerly known as Live at NoDa), a 261-unit, five-story, wrap-style apartment within the NoDa neighborhood of Charlotte, North Carolina.

JLL represented the buyer, HHHunt, in this transaction, and secured the floating-rate, bridge loan financing on behalf of the new owner. There were no seller representations, and JLL was the sole intermediary in this transaction.

Completed in 2019, Abberly NoDa Vista offers studio, one-, two- and three-bedroom units with average unit size of 892 square feet. Community amenities include an elevator, a barbecue grill and picnic area, a community gas grill, EV charging stations, private balconies and patios, a resort-style pool, sun deck, and gym.

Situated at 2120 N. Brevard St., the property is set across the street from the 25^th Street Lynx Blue Line station, allowing residents easy access to the University, Uptown, and South End. The property also benefits from its location on N. Brevard St., a main artery in the NoDa neighborhood. In addition to premier connectivity, Abberly NoDa Vista is within proximity to numerous lifestyle amenities, entertainment centers and top jobs in the city.

The JLL Capital Markets Investment Sales team that represented the buyer was led by Matthew Lawton, John Gavigan, John Mikels and Nick Brown and the Debt Advisory team that arranged the financing was led by Travis Anderson and Warren Johnson.

“It has been a pleasure working with the entire HHHunt Team on this unique assignment to redeploy significant capital on a strategic basis, building on the already solid foundation that HHHunt has built over many decades,” said Lawton. “The team truly offers a vertically integrated platform that is best-in-class.”

“We’re excited for the HHHunt team’s re-entry into the Charlotte market and were thrilled to help them acquire a fantastic, stabilized asset that is poised for long-term growth in one of the strongest submarkets in Charlotte,” said Gavigan.

JLL was exclusively retained by HHHunt this year to represent them on an exclusive buy-side representation for a large capital placement of a 1031 transaction, where they sold a significant asset in the Northeast to strategically redeploy into strong, long-term growth markets in the Sunbelt.  There will be a total of five, Class A multi-housing assets acquired in Nashville, Atlanta and Charlotte. HHHunt intends to continue to acquire assets on a strategic basis going forward.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Since 1966, HHHunt has grown into a diversified leader in real estate development throughout the Mid-Atlantic and Southeast. Its four business areas, HHHunt Apartment Living, HHHunt Communities, HHHunt Homes, and HHHunt Properties Development are recognized leaders in their sectors with communities in Virginia, Maryland, North Carolina, South Carolina and now Georgia and Tennessee. HHHunt improves the lives of thousands of people by being a trusted partner in every phase and stage of their lives. Because at HHHunt, it’s how you live that matters. For more information, visit: www.hhhunt.com.