WASHINGTON D.C. – JLL announced today it has closed the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment community in the Washington, D.C.-area community of Ashburn, Virginia.

JLL marketed the property on behalf of the seller, Northwestern Mutual, and procured the buyer, Fairfield Residential. The property was acquired free and clear of existing financing.

Atley on the Greenway is located at 21827 High Rock Terrace in Northern Virginia’s affluent and amenity-rich Loudoun County submarket. Completed in 2014, the property benefits from visibility along the Dulles Greenway (Route 267) and is less than a mile from the new Ashburn Metro Station (Silver Line). The property features a variety of one-, two- and three-bedroom units averaging 1,001 square feet, 40 of which are designated as affordable. Community amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, children’s playground, 24-hour fitness center, multi-station business center, and an indoor social lounge with fireplace, TV lounge, gourmet demonstration kitchen and dining area. Since completion, the property has experienced an occupancy rate above 96%.

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

PORTLAND, ORE. – JLL announced today that it has closed the $116.13 million sale of Riva on the Park, on behalf of Barings, one of the world’s largest diversified real estate investment managers. The property is a 294-unit, transit-oriented residential high-rise prominently located adjacent to the Oregon Health & Science University (“OHSU”) in Portland’s South Waterfront neighborhood.

JLL represented the seller, Barings, on behalf of institutional investors, and procured the buyer, Griffis Residential. The property was acquired free and clear of existing financing.

In addition to its proximity to OHSU, which is undergoing a 1.1 million-square-foot expansion, Riva on the Park is located within steps of the Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The 22-story, LEED Gold-certified property consists of 294 residential units averaging 811 square feet and more than 13,000 square feet of ground-floor retail. Apartment amenities include granite countertops and plank flooring in kitchens; oversized, energy-efficient windows; full-size washers and dryers; central heat and air conditioning; decks or patios; and stunning city and river views. Common area amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.

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.

MORRISTOWN, N.J. – JLL announces it has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, New Jersey.

JLL worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure the 36-month, floating-rate construction loan through M&T Bank.

34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options. The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development. Due for completion in 2020, the property will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments and will offer resident’s several amenities, including a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations. Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River. The community will also feature on-site parking and optional private garages.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.

“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.

“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added. “It was a pleasure to work with them on this transaction.”

Loan proceeds refinance existing debt on the Raleigh, North Carolina, garden-style apartment community

WASHINGTON D.C., September 18, 2019 – JLL announced today it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.

JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.

Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home features, including gourmet kitchens with stainless steel appliances, garden tubs, custom built-ins, plank flooring, in-unit washers and dryers and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and dog park. Olde Raleigh was more than 94% occupied at closing. 

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman.

DENVER – JLL announced today that it has closed the sale and financing of Copper Canyon, a 222-unit, garden-style apartment community in the Denver suburb of Highlands Ranch, Colorado.

JLL marketed the asset exclusively on behalf of the seller and procured the buyer, CARROLL. Additionally, JLL worked on behalf of the new owner to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Copper Canyon is located at 3880 E. County Line Road near the intersection of C-470 and University Boulevard. The community, which is situated on 13 acres, offers residents easy access to employers in and around the Denver Tech Center, metro Denver’s premier employment center. Copper Canyon consists of a mix of one-, two- and three-bedroom units averaging 884 square feet that feature fully equipped kitchens, garden tubs, in-unit washers and dryers, spacious closets and balconies with mountain views. Community amenities include a swimming pool with heated spa, courtyard with grilling area, 24-hour fitness center, business center, playground and detached garages. The property was approximately 96 percent occupied at closing.

The JLL Capital Markets team that represented the seller was led by Managing Directors Dave Martin and Pam Koster and Vice President Brian Mooney.

JLL’s Capital Markets team that arranged the acquisition financing for the borrower/buyer was led by Managing Director Matt Steffen.

TAMPA, FLA. – JLL announced today that it has closed the $103.45 million sale of 500 Harbour Island, a 235-unit, luxury high-rise community in Tampa.

JLL marketed the property on behalf of the seller, a joint venture between Forge Capital Partners and Intown/Framework Group, and procured the buyer, Northwestern Mutual. The property was acquired free and clear of existing financing.

500 Harbour Island is located on Harbour Island at the intersection of Knights Run Avenue and Beneficial Drive immediately south of downtown Tampa. The island boasts some of Tampa’s most expensive homes and condominiums and has a variety of on-island amenities, including restaurants, coffee shops, boat rentals and Harbour Island Athletic Club. Completed in 2017, the 21-story property offers a variety of spacious studio, one- and two-bedroom units averaging 1,087 square feet. The property offers five-star, hotel-style amenities, including an expansive two-story lobby with concierge; outdoor amenity deck with skyline views, al fresco dining and grilling, lounging areas and bocce court; private dog run with washing station; full-service spa and treatment rooms; heated, infinity-edge pool with waterfall, deck speaker system and cabana area; state-of-the-art fitness center; social spaces throughout the building for gaming, lounging, reading and entertaining; conference room with video conferencing and library area; and catering kitchen.

“Harbour Island is a wonderful place to live and will only get better as downtown Tampa continues to emerge as a premier live-work-play environment,” said John Jacobs of Northwestern Mutual Real Estate. “500 Harbour Island offers residents spacious, condominium-quality units with great amenities just a short distance from the excitement of the central business district.”

Northwestern Mutual has engaged ZRS Management, a leading property management company specializing in upscale apartment communities, to oversee 500 Harbour Island.

“With the acquisition of 500 Harbour Island, Northwestern Mutual has purchased a preeminent community in one of Tampa’s most sought-after neighborhoods” said Darren Pierce of ZRS Management. “ZRS is honored to expand our relationship with Northwestern Mutual and excited to create the highest caliber living experience for the residents of 500 Harbour Island.” 

The JLL Capital Markets team representing the seller was led by Senior Managing Director Matt Mitchell and Senior Directors Zach Nolan and Brett Moss.

“This transaction is another example that the Tampa market is a top-tier market for commercial real estate investment,” Mitchell added. “The capital markets view Tampa’s growth and fundamentals very favorably, and the continued transformation of downtown Tampa is very appealing to investors.”