CHARLOTTE – JLL announced today it has advised on the sale of the approximately 400-acre Carolina Springs, a fully entitled, master-planned development site zoned for residential and commercial in the Raleigh-area community of Holly Springs, North Carolina.

Capital Properties of Raleigh, Shenandoah Homes and Lennar Corporation partnered to purchase the property.

Carolina Springs is a fully entitled master-planned community totaling approximately 400 acres, which is being developed by Capital Properties of Raleigh, Shenandoah Homes, and Lennar Corporation. The site is zoned for up to 1,700 residential units and 1.02 million square feet of commercial space, and is located within the top-rated Wake County Public School System. The site is also proximate to other successful communities, including 12Oaks, Stillwater and Woodcreek, all of which have contributed to the Wake County/Holly Springs area’s rapid economic expansion and population growth. Carolina Springs will provide excellent connectivity to employers in Research Triangle Park and Downtown Raleigh via the nearby US-1/Interstate 540 interchange.

The JLL Capital Markets team of Managing Director Justin Good, Director Sarah Godwin and Senior Associate John Mikels amassed the purchase team and advised on the deal structure between the parties.

SAN ANTONIO – JLL announced today that it has closed the sale of Castle Hills Townhomes, a 149-home, Class A, core-plus townhome community in San Antonio’s Castle Hills neighborhood.

JLL marketed the property exclusively on behalf of the seller, Hayden Properties, LLC, and procured the buyer, a private multi-housing operator based in Austin.

Castle Hills Townhomes is located at 1947 Larkspur Drive, which is approximately 12 miles north of downtown and less than five miles northwest of the San Antonio International Airport. The 22-building property offers residents a single-family lifestyle with the convenience of two-story townhome apartments with a variety of one-, two- and three-bedroom floor plans averaging 1,000 square feet. Homes feature stainless steel appliances, stone fireplaces, plank flooring, large closets and garages within a well-maintained gated community with a community swimming pool and outdoor kitchen/lounge area. The property was 97% occupied at closing.

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

PORTLAND, ORE. – JLL announced today that it has arranged joint venture equity for the development of Block 40, a 232-unit, luxury multi-housing project in Portland’s South Waterfront neighborhood.

Working on behalf of the developer, Alamo Manhattan, JLL arranged the joint venture equity partnership with MetLife Investment Management.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Avenue less than one mile south of the Portland CBD. The transit-oriented development is also next to Oregon Health & Science University (“OHSU”), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces. Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; and dog park and dog wash.

The JLL Capital Markets team representing Alamo Manhattan was led by Senior Managing Director Ira Virden, Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.

SAN DIEGO – JLL announced today it has arranged $57.5 million in financing for Latitude 37, a two-phase, 172-unit luxury mid-rise apartment community in the Silicon Valley community of South San Jose, California.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate non-recourse loan through a correspondent life company lender. Loan proceeds refinanced and consolidated the two existing construction and agency loans.

Latitude 37 is located on three acres at 1255 and 1277 Babb Court in the Willow Glen submarket of South San Jose, which provides connectivity to the Bay Area via nearby Highway 87. Phase I was completed in 2012 and Phase II was completed in 2018. Each phase encompasses 86 units featuring a mix of studio through three-bedroom units averaging 1,116 square feet. Community amenities include a fully equipped fitness center, a swimming pool and spa, outdoor lounge with grilling area, subterranean parking and electric car charging stations.

The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole and Analyst Daniel Pinkus.

SAN DIEGO – JLL announced today it has arranged $15.1 million in financing for the development of Palatine Bankers Hill, a five-story, 16-unit luxury condominium project in San Diego, California.

JLL worked on behalf of the developer, INI Greenfield, to arrange the one-year, floating-rate construction loan through a New York City-based debt fund.

Palatine Bankers Hill is located at 2750 Fourth Avenue in the heart of the Bankers Hill/Park West neighborhood just two blocks west of the historic Balboa Park. Due for completion in early 2020, the property will consist of 16 for-sale residential units, 1,121 square feet of ground-level commercial space and 38 subterranean and grade-level parking spaces. Residences will include a mix of two-, three- and four-bedroom layouts that will feature luxury finishes, including Turkish stone tile and hardwood flooring, quartzite countertops, sustainable wood cabinetry, Miele appliances, large private terraces, customizable closet systems, ThermoPad thermostats, automated Lutron lighting, keyless entry and electric car charging stations.

The JLL Capital Markets team representing the developer was led by Director Chris Collins and Analyst Brad Vansant.

DENVER – JLL announced today that it has arranged $14.7 million in financing for Tennyson Place, an 81-unit apartment community located in Northwest Denver’s coveted Berkeley neighborhood.

JLL worked on behalf of the borrower, Allante Properties and Investments, to secure the fixed-rate balance sheet loan. Loan proceeds were used to refinance an existing loan.  

Tennyson Place is located at 3885 N. Tennyson along Berkeley’s main retail corridor, which provides residents with access to all of the area’s parks, shops, restaurants and live music venues. In addition, the property is conveniently located approximately three miles northwest of employers in Downtown Denver. Completed in 2017, Tennyson Place consists of a mix of studio and one-bedroom apartments ranging from 365 to 769 square feet. Community amenities include an indoor/outdoor community room, business center, 24-hour fitness center, sky deck, pet spa and garage parking.

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe and Managing Director Josh Simon.

“We are extremely happy to have completed this transaction and everyone on the team performed spectacularly,” said Daren Schmidt, Managing Partner of Allante Properties and Investments. “We look forward to holding the asset for the coming years and are very proud of what we have accomplished at Tennyson Place. Thank you to everyone involved, and we look forward to the next transaction.”