JLL Capital Markets announced today it has closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a southwest Chicago suburb. 

JLL represented the seller, Jackson Square Properties, to complete the sale to the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL also worked on behalf of Alliant Strategic Investments and Nuveen to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.  The Buyer will maintain the affordability requirements on all units through 2036.

The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units that feature upgraded kitchens, granite-style counters, wood-style flooring and spacious closets. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.  

Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.

The JLL Capital Markets team representing the seller was led by Seniors Managing Directors Doug Childers and Marty O’Connell and Senior Director Michael Fox. Financing was led by Senior Director Paul Smith and Senior Managing Director CW Early. 

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.  

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 deliver best-in-class solutions for clients — whether investment sales 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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PORTLAND, ORE., August 28, 2019 – JLL announced today that it has closed the sale of Avana Orenco Station, a 264-unit, garden-style multi-housing community in Hillsboro, Oregon.

JLL marketed the property on behalf of Greystar and procured the buyer, Jackson Square Properties. The property was acquired free and clear of existing financing.

Avana Orenco Station is located at 6710 NE Vinings Way less than half of a mile south of the Intel campus, which is home to 20,000 local jobs, and within walking distance to the MAX Light Rail Blue Line, which provides access into downtown Portland, downtown Hillsboro and other employment centers throughout the MSA. With direct frontage along NE Cornell Road, the property also provides residents convenient access to retailers at Orenco Station as well as New Seasons Market, Whole Foods and Costco.

The community consists of 12 residential buildings comprising a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers and dryers. Common area amenities include a swimming pool and spa, grilling areas, firepit, gazebo, fitness center, community lounge with Wi-Fi and pool table, business center and dog park.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.

PORTLAND, OR – November 1, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $84.3 million sale of and acquisition financing for Arbor Creek, a 440-unit, garden-style apartment community in Beaverton, Oregon.

The HFF team marketed the asset exclusively on behalf of the seller, Jackson Square Properties, and procured the buyer, Security Properties.  Additionally, HFF’s debt placement team worked on behalf of the new owner to secure a seven-year, floating-rate loan through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  HFF originally marketed the property to Jackson Square Properties upon its acquisition of the asset in 2014.

Arbor Creek is situated on 22 acres at 3280 SW 170th Avenue approximately 1.5 miles from Nike World Headquarters and within 10 minutes of the Intel Ronler Acres Campus and other major area employers.  Additionally, the property is adjacent to the 222-acre Tualatin Hills Nature Park and offers nearby access to some of the MSA’s top retail centers, major transportation arteries and public transit options.  Originally completed in 1984, Arbor Creek includes one- and two-bedroom units averaging 768 square feet each, 360 of which have been renovated since 2012.  Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.

The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Carrie Kahn.

HFF’s debt placement team representing the new owner consisted of senior managing director Charles Halladay, directors Scott Gilson and Charlie Watson.