JLL Capital Markets closed the sale of the site that is zoned for multi-housing 

CHARLOTTE, N.C., June 30, 2020 – JLL Capital Markets announced today it has closed the $10.9 million sale of Davis Park East, a 21.07-acre, shovel-ready, multi-housing development site adjacent to the Research Triangle Park node in Durham, North Carolina. 

JLL marketed the property on behalf of the seller, Lee Properties Group, and procured the buyer, a joint venture with Wood Partners and Stockbridge. 

Davis Park East is approved for up to 403 multi-housing units and 25,000 square feet of commercial space. Located at 4701 Hopson Rd. in Durham, the site is minutes from both Raleigh and Durham’s downtowns. Davis Park East is within walking distance to retail and restaurants and is proximate to 2.5 million square feet of office space within the Imperial Center. 

The JLL Capital Markets team was led by Director Sarah Godwin and Senior Associate John Mikels.  

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 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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SAN FRANCISCO – JLL announced today that it has closed the $103.8 million sale of LINQ, a 230-unit, transit-oriented luxury apartment community in the San Francisco Bay Area community of San Jose, California.

JLL marketed the property exclusively on behalf of the seller, a partnership between Republic Urban Properties LLC and The Core Companies, and procured the buyer, Stockbridge, on behalf of the firm’s Value Fund III, a closed-end, value-add vehicle.

LINQ is located at 1700 Newbury Park Drive less than a half mile from the future Berryessa BART station. The property is less than 10 minutes from downtown San Jose, where more than 10 million square feet of commercial space is expected to deliver in the next 10 years. First-class amenities at the community include a resort-style pool and spa, state-of-the-art fitness center, yoga center, outdoor courtyard with grilling stations and a 7,400-square-foot Skydeck with 360-degree views of the Silicon Valley. Floor plans include a variety of studio, one- and two-bedroom options averaging 818 square feet with features, including stainless-steel appliances, plank flooring, in-unit washers and dryers and personal balconies. In addition, the property encompasses more than 11,000 square feet of ground-floor retail, which is 100% occupied.

The JLL Capital Markets team representing the seller included Managing Director Scott Bales, Director Peter Yorck and Analyst Nolan Moore.

SAN FRANCISCO, CA – January 16, 2019 – HFF announces the $48.64 million financing for the development of The Morgan at Bay Meadows, an 82-unit, Class A multi-family project in San Mateo, California.

The HFF team worked on behalf of the developer, an affiliate of Stockbridge Capital Group and Wilson Meany, to secure the floating-rate construction loan through Union Bank.

The Morgan at Bay Meadows is situated to the southwest of the U.S. 101 and Highway 92 interchange, which positions it midway between San Francisco and Silicon Valley.  The transit-oriented property is just north of the Hillsdale Caltrain station within the pedestrian-friendly Bay Meadows master-planned community, which will feature approximately 1,100 residential units, 780,000 square feet of office space, 18 acres of parks, a new private high school and 40,000 square feet of retail once complete.

The Morgan at Bay Meadows will consist of 82 luxury units located above a single-story, below-grade secured parking garage. Amenities will include a central entertaining and gathering space with an entertaining kitchen, library and game room; a lushly landscaped courtyard with outdoor entertaining area; fitness and meditation studio; storage facilities; bike storage; and park views.  Units will include a mix of two- and three-bedroom homes averaging more than 1,500 square feet.  The project is expected to be delivered in the summer of 2020.

The HFF debt placement team representing the developer included senior managing director Bruce Ganong, senior director Chris Gandy and analyst Bercut Smith.

“The Morgan will be an excellent addition to the other successful residential communities developed by Stockbridge and Wilson Meany at Bay Meadows,” Ganong said.  “The interest in the construction loan was extensive and numerous lenders competed for the opportunity to work with the developer. HFF is thrilled to have been involved in another phase of this transformative project."