North Raleigh master-planned development site sells for $12M
JLL Capital Markets completed the sale of the approximately 212-acre Buffaloe Reserve in Raleigh, North Carolina
RALEIGH, July 25, 2022 – JLL Capital Markets announced today that it has closed the $12 million sale of Buffaloe Reserve, an approximately 212-acre, master-planned development opportunity with residential and commercial zoning in the North Raleigh area of the Triangle region.
JLL represented the seller. The purchaser is a joint venture between Suncrest Real Estate & Land, a national residential master developer, and TriGate Capital, a leading real estate investment manager.
Buffaloe Reserve offers approximately 2,000 feet of frontage along the Neuse River and nearly 3,000 feet of frontage along I-540, serving as one of the largest undeveloped single-ownership parcels remaining in Wake County. The rezoning of the site was finalized in December 2021 with approval for 1,110 residential units, including single-family, townhome and apartments, as well as a commercial component.
Located at 6515 Buffaloe Rd., the property is within a 20-minute drive of the market’s largest employment nodes, including downtown Raleigh, North Hills and Research Triangle Park. The property is well-located near key east-west regional connector I-540 and offers north-south connectivity from both U.S. Highway 401/Louisburg Road and U.S. Highway 1/Capital Boulevard. The site is also proximate to the 1.2-million-square-foot Triangle Town Center Mall.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Director Sarah Godwin.
“This is an exciting addition to our portfolio in Raleigh, which now totals almost 2,500 lots,” said Sean Cooney, Managing Partner at Suncrest. “Buffaloe Reserve will bring a diverse mix of residential and multi-family product to an area of the city that is severely undersupplied and is growing rapidly.”
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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Suncrest
Suncrest is a residential master developer with the expertise, experience and market reach to source exclusive and strategic residential development opportunities in the most dynamic markets in the southeast and southwest United States. The firm is currently managing the entitlement, engineering and development of approximately 10,000 homesites in Phoenix, Dallas, Nashville, Charlotte and Raleigh and is contracted to sell platted, engineered and developed lots to many of the country’s most active national and regional home builders, while ensuring they embrace each community's vision and standards. Suncrest has created a geographically diverse portfolio understanding the needs of the builders and consumers while bringing thoughtfully designed, master planned communities to life.
About TriGate Capital
TriGate Capital, LLC (TriGate) is a leading real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate is based in Dallas, TX and has current assets under management of nearly $2.0 billion through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring, and asset and company recapitalization.