HOUSTON – JLL announced today that it has closed the sale and arranged financing of Alexan Enclave, a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.
JLL marketed the property exclusively on behalf of the seller, Trammell Crow Residential and Cigna Investment Management. F&B Capital purchased the offering free and clear of existing financing. Additionally, JLL worked on behalf of the new owner to place the acquisition loan on their behalf.
Alexan Enclave is located at 13411 Briar Forest Drive across from Parkway Village, a 134,000-square-foot, Kroger-anchored community retail center. Completed in 2014, the mid-rise, wrap-style property is zoned to top-rated schools and is walking/biking distance to The Enclave, an 878-acre office park. Alexan Enclave consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops, hardwood cabinetry with under cabinet lighting, a blend of tile and plank flooring throughout, wood blinds, soaking tubs, walk-in closets, full-sized washers and dryers, and private patios or balconies. Community amenities include a resort-style pool with fountain feature, separate lap pool, shallow-water seating, covered outdoor kitchen, fire pit, enclosed dog park, pet wash station, large modern clubhouse, demonstration kitchen, business center, executive conference room and electric car charging station.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Todd Marix and Chris Curry and Analyst Bailey Crowell.
“Alexan Enclave offers excellent long-term growth potential for new ownership,” Curry said. “The buyer was able to obtain a best-in-class, non-commodity asset below replacement cost in a strengthening Energy Corridor submarket, which currently has no new multi-housing units under construction. Fundamentals have been boosted by new leases and corporate expansions underway in the local office market.”
JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Cameron Cureton and Senior Managing Director Matt Kafka.
PHILADELPHIA – JLL announced today that it has arranged $23 million in financing for the development of DREAM Lehigh Valley, a to-be-built, 200-unit apartment complex in the Lehigh Valley community of Wind Gap, Pennsylvania.
JLL worked on behalf of the developer, DLP Capital Partners, under its parent company DLP Real Estate Capital, to arrange a floating-rate construction loan through a regional bank. This is the company’s first ground-up construction multi-housing community. A “Topping Off” ceremony will take place in early spring 2020. For updates and details, please visit dreamlehighvalley.com and dlprealesatemanagement.com.
DREAM Lehigh Valley will include nine garden-style residential buildings and a two-story clubhouse with lounge, game room, fitness center and pool, as well as a nature trail and pond. Due for completion in 2021, the property will include one-, two- and three-bedroom units averaging 1,210 square feet. Units will include fully equipped kitchens, ceramic and marble tile flooring, smart home features, and in-unit washers and dryers, with select homes also featuring balconies/patios and private garages. The property is being constructed along East West Street within one mile of PA Route 33, a roadway that directly connects with Interstates 80, 78 and PA Route 22, which will provide residents with access to major area employment centers in Allentown, Bethlehem and Easton.
The JLL Capital Markets team representing the borrower was led by Director Michael Pagniucci and Managing Director Jason Bond.
MORRISTOWN, N.J. – JLL announced today it has arranged financing totaling $117.86 million for Everly Roseland, a 360-unit apartment community located in Roseland, Essex County, New Jersey.
JLL worked on behalf of the borrower, Novel Property Ventures, to secure the $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management. Proceeds from the financing were used to refinance the existing loan and provide future funds to allow the borrower to complete its unit renovation program at the property.
Everly Roseland is located at 28 Nob Hill Road with convenient access to Interstates 80, 280 and 287 and the Garden State Parkway. Constructed between 1979 and 1980, the property is situated on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans. Amenities include a newly constructed clubhouse, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking.
The JLL Capital Markets team representing the borrower was led by Managing Director Michael Klein and Director Matthew Pizzolato.
“The borrower has done a tremendous job implementing their capital renovation program since purchasing the asset in January 2017,” Pizzolato said. “Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrowers cost of capital while also providing them with a future funding facility to allow them to finish their renovation program.”
“JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein added. “Roseland and the surrounding area have a limited supply of quality Class A multifamily communities. The amenities Novel has added to the property, the upgrades it has made to the individual units and the tranquil parklike setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently completed communities as well as new ones in the development pipeline for years to come.”
SAN FRANCISCO – JLL announced today that it has arranged $330 million in financing for the development of 188 West St. James, a two-tower, 640-unit luxury condominium project located in downtown San Jose, California.
JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies.
188 West St. James is currently under construction on a 1.94-acre site in the epicenter of the rapidly growing downtown San Jose submarket. Due for completion in 2020, the project is within a 15-minute drive of more than 10 million square feet of commercial space in development, which positions the project for continued demand. The amenity-rich neighborhood and nearby transit access will provide a true live-work-play experience for residents.
188 West St. James consists of 20- and 22-story towers encompassing nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail and more than 650 parking stalls. Units will include kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry. Bathrooms will have custom floating vanities and porcelain tile flooring, and units will have hardwood flooring throughout the main living areas. Community amenities include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.
The JLL Capital Markets team representing the borrower was led by Brandon Roth, Charles Halladay and Taylor Gimian.
“188 West St. James benefits from one of the best locations in downtown San Jose,” Roth said. “The property is adjacent to San Pedro Square, as well as countless restaurants, coffee shops and bars. Residents will also enjoy being a quick 10-minute walk from SAP Center, which hosts 150 events every year.”
SAN ANTONIO – JLL announced today that it has closed the sale of Tulane Apartments, a 64-unit apartment property in Brownsville, Texas.
JLL and ICO Commercial represented the buyer, Brugge Properties, in the purchase of the property from Tulane Properties, LLC.
Tulane Apartments consists of 64 one-bedroom units sprawled on 2.55 acres in Brownsville, the largest city in the Rio Grande Valley, along Highway 69, the main arterial highway that connects the region. This garden-style, two-story property offers residents a total of 54,234 square feet of living space.
The JLL Capital Markets team representing the buyer was led by Executive Vice Presidents Moses Siller and Zar Haro.
CHARLOTTE – JLL announced today it has advised on the sale of the approximately 400-acre Carolina Springs, a fully entitled, master-planned development site zoned for residential and commercial in the Raleigh-area community of Holly Springs, North Carolina.
Capital Properties of Raleigh, Shenandoah Homes and Lennar Corporation partnered to purchase the property.
Carolina Springs is a fully entitled master-planned community totaling approximately 400 acres, which is being developed by Capital Properties of Raleigh, Shenandoah Homes, and Lennar Corporation. The site is zoned for up to 1,700 residential units and 1.02 million square feet of commercial space, and is located within the top-rated Wake County Public School System. The site is also proximate to other successful communities, including 12Oaks, Stillwater and Woodcreek, all of which have contributed to the Wake County/Holly Springs area’s rapid economic expansion and population growth. Carolina Springs will provide excellent connectivity to employers in Research Triangle Park and Downtown Raleigh via the nearby US-1/Interstate 540 interchange.
The JLL Capital Markets team of Managing Director Justin Good, Director Sarah Godwin and Senior Associate John Mikels amassed the purchase team and advised on the deal structure between the parties.
