Luxury build-to-rent residential community in Charlotte sells

CHARLOTTE, Apr. 9, 2024 – JLL Capital Markets announced today that it closed the sale of Blu South, a luxury, build-to-rent community located within South Charlotte in Pineville, North Carolina, adjacent to the Blue Line Pineville Light Rail stop. The transaction consists of the closed sale of 365 existing units, as well as the forward sale of 186 units.

JLL worked on behalf of the seller, Cornerstone Development, and Hines U.S. Property Partners acquired the asset.

With construction beginning in 2022 and completing in 2025, the property will feature 551 three and four-bedroom floorplans, including townhomes, duplexes and single-family detached product, averaging 2,281 square feet in size. The units offer modern kitchens, quartz countertops, stainless steel appliances, luxury vinyl flooring, oversized bathrooms and walk-in closets, and community amenities include a resort-style swimming pool and outdoor lounge, a fitness center, onsite workout classes, a 15,000-square-foot clubhouse with coworking space, a game room, a golf simulator, a pet spa, several resort-style dog parks, pickleball and basketball courts, a putt-putt course, a turf activity field, resident grilling stations, bocce ball and a community garden.

Situated at 920 Blu Central Rd., Blu South benefits from its location adjacent to the southernmost Blue Line light rail stop, which provides convenient access to LoSo, South End, Uptown, Optimist Park, NoDa and University, and residents benefit from effortless connections to employment hubs, recreational amenities, dining and entertainment options throughout the submarket. Additionally, the property is just an 18-minute drive in Charlotte Douglas International Airport.

The JLL Capital Markets Investment Sales Advisory team was led by Senior Director Casey Sherman and Managing Director John Gavigan.

“We are thrilled to have had the opportunity to work on this unique and highly sought-after asset," said Sherman. “Blu South represents not only a significant milestone in Charlotte's real estate landscape but also highlights the tremendous growth potential of the BTR asset class.”

Sherman added, “We are grateful to the seller, Greg Whitehead of Cornerstone Development and Landmark Properties, as well as the buyer, Hines U.S. Property Partners, for their instrumental roles in making this transaction a success. I am also appreciative of the unwavering commitment and support provided by our JLL team members, including John Gavigan, William Martin, Chase Monroe and Taylor Allison.”

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 sales and 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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Cornerstone Development is a company with extensive experience in various types of construction, including homebuilding, commercial projects, and multifamily developments. Over the past two decades, they have successfully created communities that cater to a diverse range of housing needs. This includes the provision of single-family homesites as well as multi-family projects, enabling them to bring affordable housing options to a large number of residents in the area.

In addition to their emphasis on affordable housing, Cornerstone Development is dedicated to responding to market demands by engaging in thoughtful and innovative land development. They understand the fundamental desire of individuals to enhance their living, working, and recreational environments, and strive to meet those needs through their projects.

Cornerstone Development boasts a wealth of experience in both horizontal and vertical construction. Their portfolio includes numerous completed and sold housing units, totaling over 2,000, as well as the sale of 12,000 residential lots to regional and national homebuilders. This track record serves as a testament to their expertise and ongoing commitment to excellence in the industry.

Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media. #MarketingCommunications

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.