JONES LANG LASALLE INCORPORATED

(JLL)
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Jones Lang LaSalle Incorporated : Sale of future multi-housing development in Raleigh suburb closes for $7.26M

01/13/2022 | 03:21pm EDT

RALEIGH, Jan. 13, 2022 - JLL Capital Markets announced today that it has closed the $7.26 million sale of a 14.98-acre multi-housing development in the Flowers Plantation master-planned community (MPC) in Johnston County, North Carolina.

York Properties, Inc and JLL represented the seller, Flowers Holding Company, LLC. Ardmore Residential acquired the asset. This will be Ardmore's second multi-housing development site within the Flowers community, after purchasing 20 acres in December 2020 for a 396-unit development.

The property, which was vacant at the time of purchase, is well-suited for multi-housing use and will anchor development of another area of Flowers' mixed-use expansion. The site is planned for up to 330 units and will provide a unique multi-housing experience to Flowers with four-story elevator-serviced product, direct sightlines to future mixed-use and to the nearby lake, and high-end amenities.

The Flowers Plantation master-planned community is located at Highway 42 East and Buffalo Road in northeast Johnston County. The property is positioned just 25 minutes from downtown Raleigh, a key economic driver employing over 50,000 people. Additionally, the community is proximate to local conveniences such as Harris Teeter, the East Triangle YMCA and Publix Supermarket.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Director Sarah Godwin. John Koonce worked on behalf of York Properties.

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.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 20:20:01 UTC.


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Financials (USD)
Sales 2022 10 269 M - -
Net income 2022 942 M - -
Net cash 2022 262 M - -
P/E ratio 2022 10,2x
Yield 2022 -
Capitalization 9 356 M 9 356 M -
EV / Sales 2022 0,89x
EV / Sales 2023 0,75x
Nbr of Employees 98 200
Free-Float 94,4%
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Number of Analysts 8
Last Close Price 188,59 $
Average target price 274,57 $
Spread / Average Target 45,6%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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