PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team.
Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature 551 three and four-bedroom units, including townhomes, duplexes and detached single-family homes. Monthly rates range from $2,695 to $4,100, according to Apartments.com.
Planned community amenities include a pool, outdoor lounge, fitness center, 15,000-square-foot clubhouse with co-working space, game room, golf simulator, pet spa, several dog parks, pickleball and basketball courts, a putt-putt course, a turf activity field, bocce ball and a community garden.