JLL advises on sale of Carolina Springs master-planned community

CHARLOTTE, October 23, 2019 – JLL announced today it has advised on the sale of the approximately 400-acre Carolina Springs, a fully entitled, master-planned development site zoned for residential and commercial in the Raleigh-area community of Holly Springs, North Carolina.

Capital Properties of Raleigh, Shenandoah Homes and Lennar Corporation partnered to purchase the property.

Carolina Springs is a fully entitled master-planned community totaling approximately 400 acres, which is being developed by Capital Properties of Raleigh, Shenandoah Homes, and Lennar Corporation. The site is zoned for up to 1,700 residential units and 1.02 million square feet of commercial space and is located within the top-rated Wake County Public School System. The site is also proximate to other successful communities, including 12Oaks, Stillwater and Woodcreek, all of which have contributed to the Wake County/Holly Springs area’s rapid economic expansion and population growth. Carolina Springs will provide excellent connectivity to employers in Research Triangle Park and Downtown Raleigh via the nearby US-1/Interstate 540 interchange.

The JLL Capital Markets team of Managing Director Justin Good, Director Sarah Godwin and Senior Associate John Mikels amassed the purchase team and advised on the deal structure between the parties.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Shenandoah Homes together with Capital Properties and Capital Grading make up a vertically aligned organization that specializes in entitling, developing and building residential communities and apartments across the Triangle region and North Carolina. Uniquely structured as both the developer and builder, the organization is equipped to provide an exceptional experience from start to finish. Capital Properties entitles and closes on unimproved land, Capital Grading then develops the land “turn-key” to provided lots and building pads for vertical construction, and Shenandoah Home completes the process by building houses and apartments for the end customer. Their team of seasoned professionals is always prepared to go the extra mile to ensure customer satisfaction at every level. The organization is committed to providing extraordinary communities that stand the test of time in quality and style.

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The company builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of the company's homes. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Lennar Ventures drives Lennar Corporation's technology and innovation strategies. For more information about Lennar, please visit lennar.com.