MORRISTOWN, N.J. – JLL announced today that it has closed the $39.5 million sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, New Jersey.

JLL marketed the property exclusively on behalf of the seller, Morris Crossing Apartments LLC, and procured the buyer, Shamah Properties, LLC.

Morris Crossing is a six-building, institutional-quality community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. The 12-acre property is situated on a tranquil cul-de-sac just off Route 202, approximately one mile northwest of Morristown’s vibrant downtown. Morris Crossing is also located within one mile of both the Morris Plains and Morristown train stations, which provide direct service into Manhattan, and is close to Interstate 287 and various amenities. Features include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating, and hardwood flooring. The property is 96% leased.

The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.

“Morris Crossing’s renovation upside and suburban infill location helped to generate substantial interest from the buying community,” Cruz said. “The market reacted very well to the offering resulting in strong pricing for the asset.”

HOUSTON – JLL announced today that it has closed the sale of Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket.

JLL marketed the property exclusively on behalf of a joint venture between Willmax Multi-family Investors, L.P. and Thackeray Partners, and procured the buyer, ClearWorth Capital.

Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. Completed in the 1990’s, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center and covered parking.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Estee Ibáñez. 

“The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited Class A options and no new supply,” Curry said. “Class B assets like Steeplecrest offer Class A performance with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.”

CHARLOTTE – JLL announced today it has closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners and its investment partner, and procured the buyer, RK Properties.

Alta Prosperity Village is located at 7304 Brice Knoll Lane just north of the intersection of Interstate 485 and Prosperity Church Road in North Charlotte. In addition to connectivity to major employment centers, the property’s location within Prosperity Village Square offers walkability to a Publix Supermarket and a variety of other retailers and restaurants. Completed in 2018, the property offers residents Class A amenities such as a resort-style saltwater pool, outdoor TV lounge and grilling station, 24-hour fitness center, private gaming room, business center, coffee bar, dog park, pet spa and garages. Units average 1,045 square feet with top-notch finishes, including large kitchen islands, stainless steel appliances, custom subway tile backsplashes, quartz countertops, plank flooring, nine-foot ceilings and private rotunda balconies. 

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark and Managing Directors Justin Good and Jeff Glenn.

“The main attributes apartment investors target are grocer adjacency, job connectivity and demonstrated rental demand,” Lynch said. “With Publix next door, immediate I-485 interchange access to three major job clusters and proven onsite performance, Alta Prosperity Village presented a compelling investment opportunity by having all of those qualities.”

“Wood Partners' early identification of this burgeoning pocket of Charlotte and subsequent development execution was validated in the property’s competitive marketing process,” Mark added. “RK Properties emerged from a highly qualified field and performed tremendously in its acquisition.”

CHICAGO – JLL announced today that it has closed the $38 million sale and arranged $27.4 million in financing for Echelon at Middletown, a 210-home, garden-style apartment community located in Louisville, Kentucky’s affluent East End submarket.

JLL marketed the property exclusively on behalf of the seller, The Garrett Companies, and procured the buyer, Brookview Realty Group. Additionally, JLL worked on behalf of the new owner to secure the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Echelon at Middletown is situated on 12.55 acres at 400 Echelon Way approximately 17 miles east of downtown Louisville in the East End, which is home to stately mansions, top public and private schools and a concentration of top employers. Completed in 2017, the property features a variety of one-, two- and three-bedroom units averaging 1,080 square feet with community amenities, including a resort-style pool and spa, grilling stations, poolside fire pit, off-leash pet park, clubhouse, resident lounge, business center and fitness center with yoga studio. The property also includes 358 surface, attached and detached garage parking spaces.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Kyle Butler.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Dave Keller and Analyst Nelson Almond.

WASHINGTON D.C. – JLL announced today it has closed the $58.85 million sale and $45.9 million financing of Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.

JLL marketed the property on behalf of the seller, a global real estate investment manager, and procured the buyer, Harbor Group International, LLC. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Palette at Arts District is situated on 3.75 acres at 5501 45th Avenue within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

JLL’s Capital Markets debt placement team representing the new owner was led by Jamie Leachman.

SAN ANTONIO – JLL announced today that it has closed the sale of Towne Oaks, a 78-unit, value-add apartment community in the Richland Hills area of Waco, Texas.

JLL marketed the property exclusively on behalf of the seller, Towne Oaks Waco, LLC. 3CM Multifamily purchased the asset free and clear of existing debt. John Bollinger, CEO of 3CM Multifamily, is rebranding the property to Tribeca.

Tribeca is situated on 4.61 acres at 4801 Sanger Avenue near major thoroughfares, including Highway 6, Texas State Highway 84 and Interstate 35, which provides connectivity to the grand DFW and Austin metropolitan areas. Additionally, the property is approximately 15 minutes southwest of bustling downtown Waco and nationally ranked Baylor University. Units include a mix of one- and two-bedroom floor plans averaging 932 square feet. Community amenities include a swimming pool, sundeck, courtyard, on-site laundry facilities and covered parking.

The JLL Capital Markets team representing the buyer was led by Executive Vice Presidents Zar Haro and Moses Siller.