MINNEAPOLIS – JLL announced today that it has closed the sale of a 10-property, 970-unit multi-housing portfolio located in the Midwestern communities of Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET for a total of $78 million.

JLL marketed the portfolio exclusively on behalf of IRET. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.

The Sioux Falls tranche totaled 526 units. The seven properties were completed between 1985 and 2000 and all provide residents immediate access to leading employers, entertainment venues and major thoroughfares, including Interstates 29 and 90. The Sioux City tranche comprises three communities encompassing 444 units. With completion dates ranging from 1970 to 1998, all of the properties are located within five miles of the city center, which provides residents access to downtown employers and major retailers. The occupancy for the entire portfolio at sale totaled 93%. 

The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg, Vice President Adam Haydon and Senior Director David Gaines.

PORTLAND, ORE. – JLL announced today that it has closed the $34.1 million sale of Terra Murrayhill, a 137-unit, garden-style apartment community located in Beaverton, Oregon.

JLL marketed the property on behalf of the seller, a West Coast-based investor, and procured the buyer, DB Capital Management.

Terra Murrayhill is located near major tech employers within what is known locally as the “Silicon Forest.” The property, which sits on approximately nine acres at 14305 SW Sexton Mountain Drive, is also close to the Beaverton Transit Center providing residents with connectivity to downtown Portland, Hillsboro and the Portland International Airport. The community comprises 15 residential buildings that house a mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, Terra Murrayhill has recently undergone $3 million in renovations and capital improvements. In addition to the newly upgraded clubhouse, common area amenities include an outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn. The DB Capital Management team was led by Vice President – Northwest Region Daniel Terranova, who brings a decade of experience in real estate with a specialty in acquisitions and asset management.

DENVER – JLL announced today it has arranged $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a 264-unit, Class A, garden-style multi-housing property in Greeley, Colorado.

JLL worked on behalf of the developer, Saunders Commercial Development Company, to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group.

The Ten West Greeley Apartments project is being developed on a 10.15-acre site at 6600 8th Street within the City Center West master-planned community. The location benefits from being one of the largest cities in northern Colorado and provides access to more than 7,100 employers within a 20-minute drive. Due for completion in 2021, the three-story property will have 64 garages in addition to 408 surface parking spaces. High-quality units will feature open floor plans averaging 882 square feet with modern finishes, including stainless-steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. This amenity-rich community will also include a resort-style pool, outdoor fire pit and lounge area, clubhouse, large entertainment area, fitness center, wet bar and dog wash.

The JLL Capital Markets debt placement team representing the developer consisted of Senior Director Leon McBroom and Senior Managing Director Eric Tupler.

SAN FRANCISCO - JLL announced today that it has raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit, luxury, for-sale residential project in the desirable Alki Beach neighborhood of Seattle, Washington.

JLL worked on behalf of the developer, Vibrant Cities, to secure the construction financing through Man Group’s private markets investment manager, Man GPM, and Urbanite Capital.

Infinity Shore Club will comprise a mix of 40 one-, two- and three-bedroom waterfront homes averaging 1,553 livable square feet situated above a two-level, sub-grade parking garage. Located at 1250 Alki Avenue SW on the tip of the Duwamish Head of Alki Beach, the waterfront property provides unobstructed views of Elliott Bay, the Olympic Mountains and city views. The six-story project will also offer residents walking distance access to sandy Alki Beach, the West Seattle water taxi and direct access to public transportation to the downtown employment core. Due for completion in 2021, the project will feature an infinity pool that gives the appearance of water flowing from the integrated hot tub to the cool pool and down to a waterfall into the Puget Sound. Other amenities will include a rooftop deck with fire pit, sun deck and outdoor grilling/dining; large water-facing balconies with NanaWall technology in all homes; and eco-friendly, modern finishes, including LED lighting and high-end German-crafted appliances.

“The sleepy Seattle that I’ve called home since 1982 has evolved into the sleepless, fast-growth city that is home to global corporate giants and thousands of smaller tech and non-tech companies,” said James Wong, CEO of Vibrant Cities. “Infinity Shore Club is a one-of-a-kind waterfront project that will further lift Seattle’s reputation as a world-class city.”

“We’re grateful to partner with the team at JLL and our investors to make the dream of Infinity a reality,” added Ming Fung, co-founder and CFO of Vibrant Cities. “Having experienced other world-class cities like Hong Kong, Shanghai and Vancouver, we are honored to bring Infinity’s unmatched luxury to Seattle.”

The JLL Capital Markets team representing Vibrant Cities was led by Brandon Roth and Zack Goodwin, who have completed multiple projects with Vibrant.

SAN DIEGO – JLL announced today that it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.

Pierside was constructed in two phases, Pierside North and Pierside South, that were completed in 2016 and 2018. Located in the heart of Oceanside along Mission Avenue, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5. Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park. Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents.

The JLL Capital Markets team representing the borrower included Director Olga Walsh and Analyst Daniel Pinkus.

MINNEAPOLIS – JLL announced today that it has closed the $11.25 million sale and $14.4 million financing of Eastridge Estates, a 126-unit apartment community in Rochester, Minnesota.

JLL marketed the property exclusively on behalf of the seller, Eastridge Associates, and procured the buyer, Vitus. Additionally, JLL worked on the new owner’s behalf to secure the acquisition loan.

Eastridge Estates is located at 2009 17th Street in Southeast Rochester. The property is adjacent to Longfellow Elementary School, within walking distance to Mayo High School and within a five-minute drive to area amenities such as Cub Foods, Walmart and the Apache Mall. Originally constructed in 1975, the property was renovated in 2004 using tax exempt bonds and 100% of the units are covered by a Section 8 LIHPRHA contract and LIHTC land use restriction. Units consist of a mix of one-, two- and three-bedroom floor plans averaging 827 square feet.

The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg and Vice President Adam Haydon.

JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Tim Leonhard.