WASHINGTON D.C. – JLL Capital Markets announces it has arranged $62 million in financing for The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.

JLL worked exclusively on behalf of Black Creek Group, a Denver-based real estate investment manager and development firm, to place the seven-year, fixed-rate loan with a life company lender. The loan features interest-only payments for half of the term and a 3.20% rate.

The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. Completed in 2017, units average 831 square feet and feature stainless steel appliances, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. Community amenities include a resort-style pool, grilling station and 1,750-square-foot fitness center with multi-functional training system. The property’s 14,974 square feet of retail space is anchored by Starbucks.

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman, Senior Managing Director Eric Tupler and Managing Director Josh Simon.

WASHINGTON D.C., July 24, 2019 – JLL announces it has closed the sale of The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.

JLL marketed the property exclusively on behalf of the seller, a joint venture between EYA, LLC and The Bozzuto Group. Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the asset through one of its investment platforms that owns and operates high‐quality commercial real estate across the industrial, office, retail and multifamily sectors.

The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. Completed in 2017, units average 831 square feet and feature stainless steel appliances, under cabinet lighting, glass tile backsplashes, quartz countertops, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. Community amenities include a resort-style pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; pet spa; Amazon hub package service; and ButterlyMX virtual doorman. The property’s 14,974 square feet of retail space is anchored by Starbucks.

The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella, Stephen Conley and Susan Carras.

Black Creek Group, a Denver-based real estate investment manager and development firm with a more than 25-year history, today announced the acquisition of two multifamily properties through its investment platform, Black Creek Diversified Property Fund–a perpetual-life, non-traded monthly NAV REIT that owns and operates high-quality commercial real estate across the industrial, office, retail and multifamily sectors. 

The first property, The Daley at Shady Grove Metro, is a 333-unit property in Rockville, MD that was 95 percent leased at the time of closing. The second property, Broadstone Winter Park, is a 268-unit property in Winter Park, FL that was 85 percent leased at the time of closing. The acquisition of the properties comes shortly after the firm completed the sale of 655 Montgomery St., a 263,000 square foot office building in San Francisco, CA and Rialto, a 155,000 SF office project in Austin, TX. 

“Black Creek Diversified Property Fund is committed to providing investors with exposure to institutional-quality assets that span the four major sectors,” said Greg Moran, Black Creek Diversified Property Fund’s Chief Investment Officer. “Focusing on value creation across market cycles, we understand that demand for property types will change which is why we are an active portfolio manager prepared to capitalize on opportunities as conditions change. Multifamily and industrial are two sectors that continue to exhibit strong demand and fundamentals so our expansion within those areas is likely to continue to be a priority.” 

Black Creek Diversified Property Fund has had an active start to 2019, with over $450 million of acquisition and disposition activity. Since the beginning of the year, it has increased its industrial holdings with the acquisition of a 245,000 square foot asset in San Antonio, TX and a 218,000 square foot asset in Greater Cincinnati. In addition to the sale of the office properties in San Francisco and Austin, the fund also disposed of two retail outparcels in Raleigh, NC. Currently, Black Creek Diversified Property Fund holds 49 properties totaling 8.2 million square feet and is currently 92 percent leased. 

“Historically commercial real estate has been one of the strongest performing asset classes, yet many individual investors did not have access to it and as such are under-allocated,” said Raj Dhanda, Black Creek Group’s Chief Executive Officer. “Now the asset class is becoming more accessible with investor friendly-structures and greater transparency which means we can only expect to see investors seek to increase their allocations – driving capital which in turn will support an already strong market.”