TAMPA, FLA. – JLL Capital Markets announced today that it has closed the $96 million sale of The Retreat at Vista Lake, a 640-unit, garden-style apartment community in the fast-growing Fort Myers, Florida, market.

JLL marketed the property exclusively on behalf of the seller, and procured the buyer, a US-based private partnership. At $96 million, the transaction was the second largest multi-housing sale in the Fort Myers MSA on record. In 2018, the same JLL team sold Carlton Arms of Bradenton for $110.5 million, the largest multi-housing sale ever completed in Southwest Florida. 

The Retreat at Vista Lake was originally completed in 1990 and has undergone recent capital improvements. The property’s 32 two- and three-story value-add buildings are situated on 35.2 acres at 3701 Winkler Avenue. Units average 867 square feet across a variety of one- and two-bedroom floor plans and the property includes a total of 1,011 parking spaces. In addition to the tranquil lakeside setting, The Retreat at Vista Lake features two resort-style pools, a large fitness center building, a gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and business center.

The JLL Capital Markets team representing the seller included Senior Managing Director Matt Mitchell, Senior Directors Zach Nolan and Brett Moss, Associate Drew Jennewein and Analysts Jarrod Smith and Bailey Smith.

DALLAS – JLL Capital Markets announced today that it has arranged the refinancing of Central Park Apartments, a 144-unit, garden-style apartment community in North Dallas’ Vickery Meadow neighborhood.

JLL worked on behalf of the borrower, Frontline Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Central Park Apartments is located at 8325 Meadow Road one half of a mile east of North Central Expressway (U.S. Highway 75). Originally built in 1977, Frontline Holdings has invested more than $1 million in capital improvements to the property since acquiring it in 2016. The property consists of 12 two-story buildings that house 96 one-bedroom units and 48 two-bedroom units. Community amenities include a pool, fitness center, clubhouse, business center, on-site laundry facilities and 192 surface parking spaces.

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

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $20.5 million in financing for the acquisition of The Ashton, a newly completed, 93-unit, Class A apartment project in Jersey City, New Jersey.

JLL worked to secure the two-year, floating-rate loan through Rialto Capital Management on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust.

The Ashton is located at 2 Ash Street in Jersey City’s Bergen-Lafayette neighborhood, a qualified opportunity zone. The property consists of a six-story residential building with a unit mix, including 93 spacious apartments in a variety of one-bedroom, one-bedroom-plus-den and two-bedroom floorplans ranging from 706 square feet to 994 square feet per unit. The property also includes 62 covered parking spaces and an expansive 8,000-square-foot, second-story deck with fire pits, seating and New York City views. Other amenities include a rooftop deck with elevator access, two bicycle rack spots per unit, a state-of-the-art fitness center and key card access. Apartments feature porcelain tile throughout units, granite countertops, stainless steel appliances, individual tankless HVAC systems and in-unit washers and dryers.

The JLL Capital Markets team representing the borrower included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.

“We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.

DALLAS – JLL Capital Markets announced today that it has closed the sale of Parkview on Hollybrook, a 189-unit senior living community in Longview, Texas.

JLL marketed the property exclusively on behalf of the seller, an Austin-based private equity group. A joint venture between MedCore Partners and The National Realty Group (TNRG) purchased the asset for an undisclosed amount. The community will be managed by Integral Senior Living (ISL) of Carlsbad, California.

Parkview on Hollybrook is located at 601 Hollybrook Drive adjacent to Longview Regional Medical Center and near multiple retail and dining amenities along Loop 281. The community includes a mix of 126 independent living, 41 assisted living and 22 memory care residences. In addition to the ample outdoor spaces, amenities include an outdoor pool and patio area, bocce ball court, a bistro/bar venue, computer lounge, fitness center, library and theater. New ownership also intends to develop independent living cottages on the adjacent land site, which are expected to deliver in early 2021.

The JLL Seniors Housing Capital Markets investment advisory team representing the seller included Managing Directors Charley Bissell, Cody Tremper and Mike Garbers and Directors Zach Rigby and Jason Skalko.

PHILADELPHIA – JLL Capital Markets announced today that it has arranged financing totaling $142.6 million for The Hamilton, a core Class A, two-phase, 576-unit high-rise apartment building in Center City, Philadelphia.

JLL worked exclusively on behalf of Radnor Property Group to secure a $70 million, floating-rate loan from Mack Real Estate Credit Strategies (“MRECS”) to retire the existing construction financing, which the JLL team arranged in 2017 for the first phase of the development. Additionally, JLL arranged a $55 million construction loan from Santander Bank and $17.6 million in mezzanine financing, which was also provided by MRECS, for the development of Phase II of the property.

Phase I of The Hamilton was completed in 2019 and features a 10-story building with 279 residential units and a 143-space structured parking garage. Phase II is slated for completion in 2021 and will consist of a 16-story building with 297 residential units and 2,932 square feet of ground-floor retail. Replete with amenities, including a rooftop terrace as part of Phase II, the property is situated on a 1.68-acre site at 440 North 15th Street one block from the burgeoning Broad Street corridor in the Logan Square neighborhood. Due to its centralized location, the property has been awarded a WalkScore® of 94 and Transit Score of 100.

The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Director Ryan Ade, Managing Director Rob Hinckley and Senior Managing Director Jim Cadranell. 

CHICAGO – JLL Capital Markets announced today that it has closed the sale of Village West, a recently renovated, 1,134-bed student housing community serving students of Purdue University in West Lafayette, Indiana.

JLL marketed the portfolio exclusively on behalf of the undisclosed seller. The buyer, Muinzer Management, acquired the property for an undisclosed amount.

Village West is located at 2053 Willowbrook Drive at the north end of campus near the intersection of Lindberg Road and US-52. Originally constructed in 2001, the property recently underwent an extensive renovation program that included community and in-unit upgrades. Fully furnished units include a mix of two-, three- and four-bedroom configurations ranging from approximately 1,000 to 1,400 square feet. Community amenities include a resort-style pool, grilling areas, newly renovated clubhouse, state-of-the-art fitness center, two basketball courts, volleyball court, media lounge, dog park and private shuttle service to campus. The property is 98% occupied for the 2019-2020 academic year.

The JLL Capital Markets investment advisory team representing the seller included Directors Scott Clifton and Stewart Hayes.