PORTLAND, Dec. 20, 2021 – JLL Capital Markets announced that it has closed the $35.75 million sale of Sheldon Butte, a 176-unit, garden-style, value-add apartment community in Eugene, Oregon.
JLL represented the seller, Cumberland Holdings, LLC. Clear Capital, LLC acquired the asset.
Built in 1972, Sheldon Butte features units with vinyl plank and carpet flooring, white and jet-black appliances, laminate countertops, natural wood cabinetry, a balcony or patio in select floorplans and an average unit size of 736 square feet. Community amenities include a leasing office, a community lounge, a fitness center, a pool and spa, four laundry facilities, a recycling center, a dog park, picnic and barbecue areas and a community garden.
Located at 2555 Willakenzie Rd., the community offers residents accessibility to Coburg Road, Route 569, Interstates 5 and 105, downtown Eugene, Springfield and Eugene Airport. The location also provides proximity to top employers such as PeaceHealth and the University of Oregon, in addition to educational institutions, including Oregon State University, Lane Community College, Bushnell University, Sheldon High School, Monroe Middle School and Willagillespie Elementary School. Centrally located between Oakway Center, The Shoppes at Gateway and Valley River Center, Sheldon Butte residents benefit from the 9.6 million square feet of retail options within a three-mile radius, as well as various entertainment opportunities at Sheldon Sports Park, Autzen Stadium, Willamette River, Oakway Golf Course, Alton Baker Park and Hayward Field.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Sheldon Butte represents an opportunity to own a true blank-slate, value-add community in one of the West Coast’s most highly demanded secondary markets,” said Virden. “The property’s central location off Coburg Road, one of the city’s primary retail arterials in the heart of Eugene, makes it well-positioned for significant capital appreciation.”
DALLAS, Dec. 15, 2021 – JLL Capital Markets announced today that it has closed the sale and acquisition financing for a four-property, 245-bed, student housing portfolio at Clemson University in Clemson, South Carolina.
JLL represented the seller, Calidus Holdings, LLC. Student Quarters acquired the asset. Additionally, working on behalf of the buyer, JLL secured a 30-year, floating-rate loan.
The 79-unit, 245-bed portfolio comprises 109 College, The Boundary, The Estate and The Farm and features stainless steel appliances, granite counter tops, tile backsplash, in-unit washers and dryers, stained concrete flooring, bed and bath parity and spacious unit sizes that range from 350 to 536 square feet per bed. Community amenities include proximity to campus, a swimming pool, a fitness center, an outdoor pavilion and study rooms.
The properties are positioned along Highway 123 and College Avenue with properties located at 109 College St., 100 Old Central Rd., 111 College St., and 240 Elm St. Set only 1.2 miles from the Clemson University campus, the four properties provide students easy access to the university’s retail, restaurant, and entertainment attractions. Additionally, the Clemson Tigers’ famous “Death Valley” football stadium, which holds around 81,000 fans, is just 1.5 miles south of the portfolio. Less than a mile from the property, Downtown Clemson offers several of the college’s popular bars, restaurants and nightlife, which include Evolve Kitchen + Table, Tiger Town Tavern and Charleston Sports Pub. The location also offers proximity to both Oconee County Airport and Greenville-Spartanburg International Airport as well as Lakeside Lodge Center.
The JLL Capital Markets Investment Sales and Advisory team representing the borrower was led by Senior Director Teddy Leatherman, Senior Director Scott Clifton and Senior Director Stewart Hayes. The JLL Capital Markets Debt Advisory team was led by Director John Gavigan.
According to JLL, “We are thrilled to close this transaction for Calidus Holdings and believe Student Quarters is the perfect buyer for this portfolio. Clemson continues to see strong enrollment growth coupled with limited supply which is one of the reasons this process was so competitive. Both buyer and seller performed flawlessly, and we look forward to closing more transactions with both parties.”
SAN DIEGO, Dec. 14, 2021 – JLL Capital Markets announced today that it has closed the $64.4 million sale of Eighteen Ten State Street, a Class A, mid-rise multi-housing property located in San Diego’s premier neighborhood, Little Italy.
JLL worked on behalf of the seller, McMillin, LLC.
With a price per unit of $650,500, the eight-story community features units with luxury wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceiling, walk-in closets, in-unit laundry, quartz countertops stainless steel appliances and average floorplan sizes of 721 square feet. Community amenities include a village patio, a sky spa, a hotel-inspired lobby and a horizon lounge.
Located at 1810 State St., the community is proximate to Little Italy’s Mercato, the brand-new Waterfront Park and over 85 dining options. Along with its location offering a Walk Score® of 98, the community is also less than one mile from I-5, Pacific Highway, CA-163, the Trolley Green Line and Blue Line and Santa Fe Depot, as well as only three miles from I-15. In addition, San Diego International Airport is two miles from the property. Residents also have access to top employers within defense, healthcare, higher-education, life sciences and technology sectors due to the connectivity to Sorrento Mesa, UTC, Kearny Mesa, Mission Valley and downtown San Diego.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Darcy Miramontes, Director Kip Malo, Senior Managing Director Tim Wright and Associate Bharat Madan.
“JLL is proud to have closed the sale of Eighteen Ten State Street on behalf of McMillin,” said Miramontes. “With the strength of the San Diego market and Little Italy’s clear path for rent growth, the new owners have the opportunity to benefit from a stable, cash-flowing asset within this highly sought-after neighborhood.”
CHICAGO, Dec. 14, 2021 – JLL Capital Markets announced today that it has closed the $42.26 million sale of the Michigan State Portfolio, a 292-unit, 524-bed portfolio of student housing communities located just a few blocks from the campus of Michigan State University in East Lansing, Michigan.
JLL represented the seller, DTN Management Company. Champion Real Estate Company acquired the asset.
The six fully furnished properties deliver amenities that include newly remodeled apartments, resident lounges with billiards and coffee bars, swimming pools, sand volleyball courts and exercise facilities.
The properties within the portfolio are located just north of Michigan State University’s campus at 635 Abbot Rd., 129 Burcham Dr. and 731-787 Burcham Dr. Residents of the properties are proximate to the campus population of approximately 50,000 students, over 200 academic programs and the vibrant nightlife along East Grand River Rd.
The JLL Capital Markets team was led by Senior Directors Stewart Hayes and Scott Clifton along with Managing Director Dave MacDonald.
“In the last 12 months, we have seen a tremendous amount of interest in student-housing opportunities proximate to Tier I universities as the asset class continues to be extremely resilient,” said Hayes. “Champion’s entrance into the East Lansing market expands the reach of its national student housing strategy and establishes a presence at Michigan State, a flagship Big Ten university with both world-class athletics and academics that also welcomed its largest freshman class ever this past fall.”
DENVER, Dec. 13, 2021 – JLL Capital Markets announced today that it has arranged $60 million in financing for the acquisition of Lodge on 84th, a 300-unit, garden-style multi-housing community located in the Denver-area community of Federal Heights, Colorado.
JLL worked on behalf of the borrower, CARROLL, to secure the four-year, floating-rate bridge loan with one one-year extension through a large insurance company.
Located at 1327 West 84th Ave. along the heavily trafficked 84th Avenue, Lodge on 84th offers convenient access to some of the Denver metro area’s top employment hubs, including Westminster, Downtown Denver, Interlocken Business Park and Boulder, all within a 25-minute drive. Lodge’s position in a highly accessible location that is relatively cost-effective provides consistent demand from working-class residents seeking easy access to Denver metro’s expansive employment and entertainment hubs.
“We were pleased to execute a smooth closing with the JLL Capital Markets debt team in Denver. The partnership led us to a new capital relationship for CARROLL. All parties were able to deliver on a quick timeline and seamlessly execute on the transaction,” said Max Fink, Director of Investments at CARROLL.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Directors Tony Nargi and Matt Steffen and Associate Kevin Barron.
"It was great to get another one done with CARROLL here in Colorado, and we appreciate the partnership," Steffen said.
"While the closing timeline presented challenges, working with great sponsorship from Max and the CARROLL team bolstered interest within the debt capital markets," added Nargi.
MORRISTOWN, N.J., Dec. 13, 2021– JLL Capital Markets announced today that it has arranged $54 million in acquisition financing for Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multi-housing community in the suburban New York City community of Montclair, New Jersey.
JLL worked on behalf of the borrower, Mill Creek Residential Trust, LLC and Cigna Investment Management, to secure a five-year, Term SOFR-based, floating-rate loan for the joint-venture through Natixis Corporate & Investment Banking. JLL also represented the seller in this transaction.
Constructed in 2009, the institutionally owned and impeccably maintained community consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. The units feature granite countertops, stainless steel appliances, full-size washers and dryers, marble vanities, individual HVAC and ceramic and carpet flooring. The impressive amenity package includes a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to Bay Street Station.
The property is located in downtown Montclair, one of New Jersey’s most sought-after and affluent towns. Offering an urban culture in a suburban location, the community provides residents with access to a commercial thoroughfare consisting of grocery stores, highly rated restaurants and high-end boutique shops. In addition, the location at Bay Street train station provides access to Midtown Manhattan within 35 minutes and Newark within 10 minutes.
The JLL Capital Markets Debt Placement team representing the borrower was led by Andy Scott, Matthew Pizzolato, Thomas E. Didio, Jr. and Gerard Quinn.
“We saw significant interest from the lending community given the premier institutional sponsorship and the property’s location in downtown Montclair,” Pizzolato said. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”
