JLL Capital Markets announced today that it has arranged $19.11 million in acquisition financing for the Berkshire Laurel Creek garden-style multi-housing property in the San Francisco Bay Area. 

JLL worked on behalf of the borrower, Glencrest Group, to secure the 10-year, 2.75% fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. This marks Glencrest Group’s fourth property acquisition since its founding last year. The seller, Berkshire Residential Investments, was represented by Institutional Property Advisors (IPA).

Located at 2751 Peppertree Dr. in Fairfield, in the North Bay part of the San Francisco Bay Area, Berkshire Laurel Creek consists of 106 studio, one- and two-bedroom apartments and is 97% occupied. Community amenities include a clubhouse, fitness center, spa and pool, all renovated in the last two years. 

Fairfield is home to various wineries and breweries, golf courses, premium outlet shopping and outdoor recreational and is home to Travis Air Force Base and a few miles from the growing Vacaville biotech corridor. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Charles Halladay and Peter Smyslowski and Associate Jonah Aelyon. 

“Despite the challenging environment, the Glencrest principals continue to demonstrate a keen ability to source transactions that offer investors a compelling risk adjusted return,” said Smyslowski.

“Laurel Creek Apartments is a great addition to our growing Generations portfolio which is designed around long-term ownership by individual investors. We are also pleased to have closed this transaction without renegotiation or delay during these uncertain times, a testament to the experience of our lending partners, Generations Network equity investors, IPA and the Berkshire team,” said Mike Bergelson, Managing Partner, Glencrest Group.

The IPA team representing the seller includes Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia. 

“Laurel Creek Apartments represents a compelling, long-term investment for the Glencrest Group,” said IPA Executive Managing Director Salvatore Saglimbeni. “The property’s low-density setting (18 units per acre) in a quaint residential neighborhood, combined with the community’s spacious, home-like floor plans with future upgrade potential, ideally suit today’s work-from-home renters focused on suburban markets.”

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 delivers the 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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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license. 

CHICAGO – JLL Capital Markets announced today that it has closed the sale of One Santa Fe, a 438-unit, mixed-use, core-plus apartment community located in the Arts District of Los Angeles.

JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering. One Santa Fe is the final tranche of a 13-property multi-housing portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six key U.S. markets, was announced in July of last year.

One Santa Fe is located at the intersection of S. Santa Fe Avenue and E. Third Street in the heart of one of Los Angeles’ trendiest neighborhoods. Completed in 2015, the mid-rise property encompasses a mix of studio, one- and two-bedroom units as well as an 81,000-square-foot retail component known as The Yards at One Santa Fe, which comprises a diverse selection of elegant shops and esteemed dining options surrounding private landscaped walkways. In addition to the prime location convenient to multiple rail lines, community amenities include a zero-edge swimming pool, custom cabanas, outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX® fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service.

The JLL Capital Markets team representing the seller for the Los Angeles tranche of the portfolio was led by Managing Director Blake Rogers along with Executive Managing Director Matthew Lawton and Senior Managing Director Sean Deasy.

CHICAGO, July 17, 2019 – JLL announces it has closed the sale of a 12-property multifamily portfolio totaling 3,904 units in six key U.S. markets.

JLL marketed the portfolio on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering. 

The well-diversified portfolio features a mix of core, core-plus and value-add assets in Charlotte, Raleigh-Durham, Atlanta, Nashville, Dallas and Houston with no one market containing more than 26% of the total units. All of the markets are above the national average in terms of employment growth, which provides stable and reliable occupancy rates across the portfolio. Units average 922 square feet overall with an average completion date of 2010 and four of the properties also include a retail component.

The JLL Capital Markets team representing the seller was led by executive managing director Matthew Lawton with other team members, including senior managing directors Roberto Casas, Sean Deasy, Todd Marix and Bill Miller; managing directors Chris Curry, Jeff Glenn, Justin Good and Blake Rogers; and senior director Allan Lynch.

WASHINGTON, D.C. – May 6, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Hanover Shady Grove, a 366-unit, transit-oriented, mid-rise apartment community in Rockville, Maryland.

HFF marketed the property exclusively on behalf of the seller, Hanover Company and Berkshire Residential Investments, and procured the buyer, Equity Residential.

Hanover Shady Grove is located at 9305 Corporate Boulevard within the I-270 Bio Corridor, one of the country’s most prominent hubs for medical research, testing and development.  Adjacent to Interstate 270 and within a mile of Interstate 370/Maryland Route 200, the community provides connectivity to downtown Rockville, Bethesda and Washington, D.C. to the south and Gaithersburg and Germantown to the north.  Additionally, Hanover Shady Grove offers access to the Washington, D.C. Metro’s Red Line via the nearby Shady Grove Metro Station to the east and to commuter rail service via the nearby MARC Brunswick Line to the southeast.

Completed in 2016, the five-story property consists of a mix of studio through three-bedroom units averaging 970 square feet.  Units feature gourmet kitchens equipped with stainless steel appliances, granite countertops and stone backsplashes as well as wood flooring, spa-like baths, high ceilings and in-unit washers and dryers.  Community amenities include a resort-style pool, outdoor dining/grilling areas, 24-hour Technogym fitness club, private media room, executive conference and dining room, catering kitchen, on-property Civic Green Park, designated walking paths and a controlled-access parking garage.  The property was 95 percent occupied at closing.

The HFF investment advisory team was led by Walter Coker and Brian Crivella along with Stephen Conley, a licensed Maryland real estate broker.