July 17, 2019 – JLL announces that it has closed the $10.85 million sale of and arranged acquisition financing for Courtyard of Chapel Hill, a fully leased mixed-use property with 17,389 square feet of retail and 54 student housing beds in the heart of Chapel Hill, North Carolina.
JLL marketed the property on behalf of the seller, Dilweg Companies. Vista Property Group purchased the asset. Working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley Bank, N.A.
The five-building property is situated on 1.06 acres at 431 West Franklin Street less than half a mile from the University of North Carolina Chapel Hill (UNC), which has an enrollment of approximately 30,000 students and 12,00 faculty and staff members. Courtyard of Chapel Hill’s Franklin Street address places it along Chapel Hill’s most vibrant retail corridor and main thoroughfare for the UNC student body. The retail space is home to nine tenants, including Kipos, Vimala’s Curryblossom Café, Franklin Street Yoga and Cat Tales Cat Café. Originally constructed in 1982 and renovated in 2013, Courtyard of Chapel Hill also has 27 residential and 14 commercial parking spaces.
The JLL Capital Markets team representing the seller was led by director Thomas Kolarczyk and managing director Jeff Glenn.
The JLL Capital Markets team representing the new owner included senior director Cory Fowler.
“This is an exceptionally well cared for asset in the heart of Chapel Hill,” Kolarczyk said. “This property has a rich history along Franklin Street, and we are proud to have worked on such a unique transaction.”