MINNEAPOLIS – JLL Capital Markets announced today that it has closed the $8 million sale of Highland Chateau, a 60-unit, 1972-built multi-housing community located in the high demand city of Duluth, Minnesota.
The buyer, PLB Highland Chateau, LLC, was represented by Encompass Real Estate Investment Services.
Completed in 1972, Highland Chateau’s studio, one- and two-bedroom units feature spacious 814-square-foot floorplans, expansive patios/balconies, large windows and beautiful hardwood floors. The community offers its residents garage parking, on-site laundry facilities, a 24-hour fitness center and an expansive courtyard with a grilling and picnic area.
Situated at 822 Baylis Street, the property is uniquely located next to the Web Woods and Marshall College Preparatory School. The area provides immediate access to downtown Duluth, Canal Park, Miller Hill Mall and the hospital. Additionally, the property is positioned between Duluth’s University of Minnesota Campus, College of St. Scholastica and Lake Superior College. To the south of the property sits the recently sold and demolished Central High School site, which has plans to be redeveloped into an expansive mixed-use community with views over the lake.
The JLL Capital Markets Investment Sales and Advisory team representing the seller, Sherman Associates, was led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell, Josh Talberg and Senior Director Adam Haydon.
“Duluth has always been a strong multi-housing market that has only benefited from the recent push to work from home and drive to live in destination cities. Developments, especially market-rate developments, are few and far between in Duluth, so the city continues to see above-market occupancy rates as they receive an influx of residents moving there from out of state. A direct example of this is Highland Chateau, which was 100% occupied on the day of closing,” said Dvorak.
“Our client was very excited to work with the JLL team on another Duluth multi-housing acquisition”, said Ben Norton, VP of Encompass REIS, who worked with the Duluth-based buyer to expand their existing portfolio of properties in the Duluth/Superior market. “Our client continually seeks well maintained and positioned opportunities in what continues to be a robust multi-housing market in Duluth,” added Norton.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
WASHINGTON, D.C. – JLL Capital Markets announced today that it closed on the sale of The Shay, a 245-unit, best-in-class multi-housing community located in the highly sought-after Shaw neighborhood of Washington, D.C.
JLL represented the seller in the transaction.
Built in 2015, The Shay features studio, one- and two-bedroom units with floor-to-ceiling windows, nine-foot ceilings, stainless steel smart appliances, custom cabinetry and quartz countertops. Community amenities include a heated pool with sundeck, two landscaped rooftop decks with seating and grills, catering kitchen and dining area and a fitness center.
Situated at 1924 8th St. NW, the property is located at the confluence of Shaw and the U Street Corridor at the intersection of 8th Street and Florida Avenue. The Shay is just three blocks from the Shaw-Howard University and U Street Metro Stations. Residents benefit from premier walkability to all area amenities, as well as several grocers. Additionally, it is within one mile from over 100 million square feet of downtown office space and 2.5 million square feet of retail, which includes the top restaurants, bars and entertainment venues.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Robert Jenkins and Bret Thompson.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
SEATTLE – JLL Capital Markets announced today that it has arranged the acquisition financing for 303 Flats, a Class A, 138-unit / 431-bed, mid-rise student housing community located at the University of Tennessee in Knoxville.
JLL represented the borrower, Horizon Realty Advisors, to secure a five-year, fixed-rate loan through Northwestern Mutual.
Completed in the fall of 2018, the property offers a mix of one-, two-, three- and four-bedroom units with bed-bath parity. The units feature modern kitchens with granite countertops, stainless steel appliances, luxury vinyl plank flooring, contemporary furniture, washers and dryers, high-speed internet, 50-inch televisions, smart locks and large walk-in closets. The property’s luxurious amenity package includes a resort-style pool, a 24-hour fitness studio, yoga studio, outdoor kitchen and grills, group study and computer rooms, business center with free printing, bike storage, pet wash stations and reserved parking.
303 Flats is located less than one mile from the University of Tennessee at 303 W. Blount Ave., giving students the option to walk, bike, drive or take public transit to campus. Situated across the Tennessee River from Neyland Stadium on the east side of campus, the property’s location allows access to nearly any location on campus within a 10-minute drive, including the Student Union, VolShop, McClung Plaza, Thompson-Boling Arena, College of Nursing, College of Engineering and more. Adjacent to the property is Henley Street Bridge, which provides easy connectivity between the University of Tennessee and Downtown Knoxville.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jake Wisness, Director Kaden Eichmeier and Analyst Bill Maloney.
“We are excited to have represented Horizon Realty Advisors on this assignment,” Wisness said. “All partners in this transaction worked tirelessly to navigate the current volatility in the debt capital markets. Although there is some fragmentation, this marketing process clearly demonstrated ample liquidity remains for multi- and student-housing. Through a competitive process, HRA secured best-in-market loan terms that will help set them up for success with their acquisition of 303 Flats.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
SEATTLE – JLL Capital Markets announced today that it has arranged the acquisition financing for 303 Flats, a Class A, 138-unit / 431-bed, mid-rise student housing community located at the University of Tennessee in Knoxville.
JLL represented the borrower, Horizon Realty Advisors, to secure a five-year, fixed-rate loan through Northwestern Mutual.
Completed in the fall of 2018, the property offers a mix of one-, two-, three- and four-bedroom units with bed-bath parity. The units feature modern kitchens with granite countertops, stainless steel appliances, luxury vinyl plank flooring, contemporary furniture, washers and dryers, high-speed internet, 50-inch televisions, smart locks and large walk-in closets. The property’s luxurious amenity package includes a resort-style pool, a 24-hour fitness studio, yoga studio, outdoor kitchen and grills, group study and computer rooms, business center with free printing, bike storage, pet wash stations and reserved parking.
303 Flats is located less than one mile from the University of Tennessee at 303 W. Blount Ave., giving students the option to walk, bike, drive or take public transit to campus. Situated across the Tennessee River from Neyland Stadium on the east side of campus, the property’s location allows access to nearly any location on campus within a 10-minute drive, including the Student Union, VolShop, McClung Plaza, Thompson-Boling Arena, College of Nursing, College of Engineering and more. Adjacent to the property is Henley Street Bridge, which provides easy connectivity between the University of Tennessee and Downtown Knoxville.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jake Wisness, Director Kaden Eichmeier and Analyst Bill Maloney.
“We are excited to have represented Horizon Realty Advisors on this assignment,” Wisness said. “All partners in this transaction worked tirelessly to navigate the current volatility in the debt capital markets. Although there is some fragmentation, this marketing process clearly demonstrated ample liquidity remains for multi- and student-housing. Through a competitive process, HRA secured best-in-market loan terms that will help set them up for success with their acquisition of 303 Flats.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
DENVER – JLL Capital Markets announced today that it has secured construction financing for The Hunter, a 214-unit, Class A multi-housing project located in Colorado Springs’ New South End neighborhood, one of the area’s fastest growing submarkets.
JLL worked on behalf of the borrower, a joint venture between Formativ and Argosy Real Estate Partners.
The seven-story development will be complete in late 2024. The studio, one- and two-bedroom units will feature modern interiors, full kitchens and in-unit washers and dryers. Common amenities will include a two-story tenant lounge with mountain views, golf simulator, pool and hot tub, fitness center, ample coworking space, bike storage, a year-round amenity deck, dog wash, above grade parking garage and more.
The Hunter will be situated at 225 E Cimarron St. within an Opportunity Zone. The property is just minutes from downtown Colorado Springs and proximate to I-25, as well as walkable to Tejon Streets’ acclaimed food and drink establishments and the recently built Weidner Field. Within a five-mile drive of the property is 14 million square feet of office space and 20 million square feet of retail space, demonstrating the area’s continued development.
The JLL Capital Markets Debt Advisory team was led by Director Rob Bova.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
NEW YORK – JLL’s Capital Markets group announced today that it has secured the $520 million capitalization for the development of Sackett Place and Society Brooklyn, an under-construction, two-tower, 21-story luxury waterfront mixed-use community with 517 multi-housing units and 10,000 square feet of retail in Gowanus, Brooklyn.
JLL worked on behalf of the borrower, a joint venture between Property Markets Group (PMG) and Carlyle, to arrange the $335 million construction loan, and also secured the project’s $165 million LP equity.
Situated at 267 Bond St. and 510 Sackett St. and slated to open in 2025, the towers are prominently positioned on the corner of Bond and Union Streets overlooking the Gowanus Canal and sitting within the Carroll Gardens neighborhood. The site is only four blocks from the Carroll Street Subway Station and Union Street Station, providing one-stop service to Manhattan in less than 15 minutes, and is less than one mile from Smith Street, Atlantic Avenue and Bergen Street, home to high street retailers, major financial institutions and notable dining establishments. Additionally, the residential community is a part of the Gowanus rezoning initiative for permanent affordable housing.
JLL’s Capital Markets Advisory Team was led by Senior Managing Directors Christopher Peck and Andrew Scandalios, Managing Director Peter Rotchford, Director Nicco Lupo, Senior Managing Directors Rob Hinckley and Jeff Julien and Vice President Jonathan Faxon.
“Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” said Peck. “With its best-in-class sponsors and strong fundamentals, 267 Bond St. / 510 Sackett St. is the type of mixed-used venture that remains highly appealing to investors, and we are thrilled to have completed the transaction.”
JLL’s Capital Markets group 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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
