WASHINGTON D.C. – JLL announced today it has closed the $58.85 million sale and $45.9 million financing of Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.

JLL marketed the property on behalf of the seller, a global real estate investment manager, and procured the buyer, Harbor Group International, LLC. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Palette at Arts District is situated on 3.75 acres at 5501 45th Avenue within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

JLL’s Capital Markets debt placement team representing the new owner was led by Jamie Leachman.