Acquisition of 216-unit Eagle Point Apartments is the ninth and final acquisition of Monument Opportunity Fund IV

MINNEAPOLIS, MN  –  Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announced the $30.250 million acquisition of Eagle Point Apartments, a 216-unit multifamily community located at 2044 Oakdale Avenue, West St. Paul, Minnesota.

The acquisition of Eagle Point closes out Monument Capital Management’s Monument Opportunity Fund IV, and represents the fund’s ninth acquisition. It is Monument’s fifth overall acquisition in Minnesota, inclusive of existing joint ventures.

Jones Lang LaSalle (JLL) represented the sellers, Timberland Partners XXXIV, LLP; Timberland Partners III, LLP, and Michael A. Nelson, LLC.  Monument represented itself in the transaction.

Built in 1972, Eagle Pointe is a fully-amenitized apartment community on 11.5 acres, comprised chiefly of two-bedroom residences. It offers a broad range of amenities, among them a fitness center, indoor and outdoor pool, tennis court, and more.

Monument will be upgrading the unit interiors and the building exterior, as well as enhancing the amenities and the community’s overall curb appeal.

“We are extremely bullish on Minnesota as a whole, and very pleased with this particular acquisition,” said Stuart Zook, Principal and CIO of Monument Capital Management. “It ideally fits our acquisition criteria, that of being in a strategic location, near a major employment hub.”

“Workforce housing is one of the most compelling housing needs,” adds Erin Knight, President of Monument Capital Management. “We look forward to exploring additional opportunities within Minnesota.”

For more information, please visit http://www.mcmgmtllc.com/.

About Monument Capital Management

Monument Capital Management (MCM), an A-Rod CORP company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired over or more than $900 million of real estate assets across 14 states through opportunity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise. The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks.

 

Vanderpoel will co-lead the platform with Senior Managing Director Steve Henderson

CHICAGO – Sept. 22, 2021 – JLL announced today that Luke Vanderpoel has been appointed Senior Managing Director and co-lead of the company’s Freddie Mac platform alongside Senior Managing Director Steve Henderson.

Vanderpoel has nearly 20 years of experience in commercial real estate with a specialization in Agency debt and Freddie Mac loan programs. Over the course of his career, he’s been involved in more than $25 billion of commercial real estate transactions, including Freddie Mac originations. He began his career as a Production Analyst with HFF, which was acquired by JLL in 2019. 

For the sixth consecutive year in a row, JLL was ranked the #1 Freddie Mac Affordable Housing Lender in 2020. JLL also ranked the #3 Freddie Mac Multi-housing Lender by volume in 2020 with year-end transaction volume totaling $9.9 billion.

“As we continue to focus on our multi-housing business and growing our agency lending platform, it was a natural progression for Luke to move into a leadership role within the group,” said Gerard Sansosti, Executive Managing Director and Co-lead of JLL’s Debt and Loan Sale platform. “His knowledge, relationships and affable professionalism make him a valuable teammate for our JLL team as well as our multi-housing clients.”

 

JLL Capital Markets arranged the acquisition loan for Internacional purchase of Alexan on Ross

DALLAS, Sept. 22, 2021 – JLL Capital Markets announced today that it has arranged an acquisition loan for Alexan on Ross, a 292-unit, luxury, mid-rise, Class A+ multi-housing community in the growing Ross Corridor Dallas, Texas.

JLL worked on behalf of the borrower, Internacional, to place the 10-year fixed-rate loan with a Northwestern Mutual. 

Alexan on Ross was completed in 2018 and is a highly amenitized property that includes a fitness center with strength training and cardio equipment, resort-style pool with cabanas, resident lounges and outdoor skyline terrace. The mix of studio and one- and two-bedroom units average 877 feet, which is the largest average unit side in the Ross Corridor. Units also feature stainless steel appliances; 10-foot ceilings; granite or quartz countertops; USB outlets; wireless built-in speakers; cabinetry with undermount lighting; full size washers and dryers; luxury spa shower and tub combinations; custom closets; and plank flooring. 

The property is located at 4001 Ross Ave. in Dallas’ Ross Corridor, which is a trendy and rapidly transforming urban neighborhood minutes from both Downtown and Uptown Dallas. With a Walk Score® of 82, the “very walkable” area is surrounded by galleries, restaurants and bars and entertainment options. This high barriers-to-entry market has a limited supply of multi-housing properties and houses an affluent renter-by-choice demographic. 

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell. 

JLL Capital Markets completed the sale of Sedona Ridge in the Ahwatukee Foothills

PHOENIX, Sept. 10, 2021 – JLL Capital Markets announced today that it has closed the sale of Sedona Ridge, a 250-unit, garden-style multi-housing community in Phoenix, Arizona. 

JLL marketed the property on behalf of the owner, Sares Regis Multifamily Funds. An undisclosed buyer acquired the property.

Sedona Ridge comprises one-, two- and three-bedroom units averaging 941 square feet. Apartments feature spacious floor plans, a full-size washer and dryer and private balcony or patio. Select units also feature bay windows, nine-foot or vaulted ceilings and fireplaces. The community has two swimming pools and spas, a newly renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and a clubhouse.

Located at 5010 East Cheyenne Dr., Sedona Ridge is in the Ahwatukee Foothills, which is the southernmost village in the city of Phoenix. Nestled on the southside of South Mountain Park, Ahwatukee is one of the most desirable communities in the Valley with strong demographics, access to major employment corridors, great schools and lifestyle amenities. 

The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Director Mike Higgins and Managing Directors John Cunningham and Charles Steele. 

 

JLL Capital Markets closed the sale of TownCenter Park in Wilsonville to RISE Properties Trust

PORTLAND, Sept. 10, 2021 – JLL Capital Markets announced today that it has closed the $30 million sale of TownCenter Park, a 111-unit, 1990-built, garden-style multi-housing community in Wilsonville, Oregon.

JLL marketed the property on behalf of the seller, Curtis Capital Group, and completed the sale to RISE Properties Trust.

TownCenter Park comprises one-, two- and three-bedroom units ranging from 802 to 1,350 square feet. The seller completed significant exterior improvements during their five-year ownership including new siding, roofs and windows, in addition to interior renovations to 40 units, which include upgraded vinyl plank flooring and carpet, stainless steel appliances, laminate countertops, white shaker cabinetry and hardware, upgraded lighting, new decks and two-inch faux wood blinds.

The property is located at 29250 Southwest Parkway Ct. in Wilsonville, a suburban neighborhood along the banks of the Willamette River. TownCenter Park is situated along Interstate 5, offering a 30-minute commute to both Salem and downtown Portland, the state’s two largest economic hubs with over 350,000 jobs combined. Additionally, the community is 1.5 miles from the WES Commuter light rail station, which runs north along Interstate 5, connecting Wilsonville with other public transit lines such as MAX light rail in Beaverton. 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“The combination of a proven value-add program, lack of new multi-housing development within Wilsonville and the extensive capital improvements completed by the seller make TownCenter Park a strong addition to RISE Properties Trust’s portfolio,” Kahn said. “Our team was thrilled to represent Curtis Capital Group on this transaction, which was one of the first value-add opportunities marketed in the Portland MSA in early 2021.” 

 

JLL Capital Markets arranged the $36 million loan for the three adjacent residential properties

NEW YORK, September 10, 2021 - JLL Capital Markets announced today it has arranged $36 million in financing for the acquisition of three rental residential properties with a total of 71 units at 50-58 East Third St. in Manhattan’s East Village neighborhood.

JLL worked on behalf of the borrower, GAIA Real Estate, to originate the floating-rate loan through Bank of America. 

The property primarily consists of two- and three-bedroom apartments and offers a limited number of larger layouts. The buildings were substantially renovated in 2013 and are currently 98.6% occupied. All units feature high-quality finishes, stainless steel appliances, Caesarstone quartz countertops, subway tile bathrooms and waterfall sinks. The property also includes a virtual doorman system, key fob entry and 24/7 video surveillance.

The three-property residential portfolio is located on the south side of East 3rd Street between First and Second avenues in Manhattan’s East Village neighborhood. The property is conveniently situated less than three blocks from the F train at Second Avenue and is within a five-minute walk from the 6 train at Bleecker Street and A, B, D, F, M lines at the Broadway-Lafayette subway station.

The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese and Director Alex Staikos.

“GAIA identified an ideal off-market investment opportunity in one of New York City’s most dynamic neighborhoods,” said Aiese. “This portfolio is very well positioned for long-term capital appreciation.” 

 

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