Trending Multifamily News
CHICAGO, July 17, 2019 – JLL announces it has closed the sale of a 12-property multifamily portfolio totaling 3,904 units in six key U.S. markets.
JLL marketed the portfolio on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering.
The well-diversified portfolio features a mix of core, core-plus and value-add assets in Charlotte, Raleigh-Durham, Atlanta, Nashville, Dallas and Houston with no one market containing more than 26% of the total units. All of the markets are above the national average in terms of employment growth, which provides stable and reliable occupancy rates across the portfolio. Units average 922 square feet overall with an average completion date of 2010 and four of the properties also include a retail component.
The JLL Capital Markets team representing the seller was led by executive managing director Matthew Lawton with other team members, including senior managing directors Roberto Casas, Sean Deasy, Todd Marix and Bill Miller; managing directors Chris Curry, Jeff Glenn, Justin Good and Blake Rogers; and senior director Allan Lynch.
SAN FRANCISCO, July 16, 2019 – JLL announces that it has arranged $76.8 million in financing for the development of 1554 Market Street, a 109-unit condominium project located in downtown San Francisco.
JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Barings, on behalf of one of its managed accounts.
1554 Market Street is a fully-entitled project positioned near the intersection of Market Street and Van Ness Avenue directly across from the Van Ness Muni Metro Station in San Francisco’s Hub District. The transit-oriented development’s prime location has earned it a Walk Score® of 99, a Transit Score of 100 and Bike Score of 99 and positions it within eight blocks of more than 400 restaurants and bars. Due for completion in 2021, the property will encompass two 12-story buildings connected by a concrete corridor that will house 109 condominium units situated above a ground-floor lobby and 5,010 square feet of retail space as well as a 28-space subterranean parking garage.
The JLL Capital Markets team representing the borrower included senior director Brandon Roth and senior managing director Charles Halladay.
“The San Francisco condo market continues to be strong with record pricing achieved in the second quarter of 2019,” Roth said. “Lenders recognize that a severe housing shortage combined with employment growth and IPO’s from Uber, Lyft, Pinterest and others will lead to sustained demand from new buyers.”
JLL Arranges $222.5M Refinancing on Behalf of Sunroad Enterprises for Two San Diego Apartment Buildings
SAN DIEGO, July 12, 2019 – JLL announces it has arranged a $222.5 million refinancing on behalf of Sunroad Enterprises for two, Class A multi-housing properties totaling 803 units within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket.
JLL worked on behalf of the borrower, Sunroad Enterprises, to arrange the 10-year, fixed-rate loan.
The portfolio comprises the newest apartment developments in the Kearny Mesa submarket, Ariva Apartments and Vive on the Park. The properties are proximate to SR-163 (Cabrillo Freeway) and Interstate 15. The 253-unit Ariva was completed in 2014 and consists of two podium-style buildings, each with four stories over a two-story podium garage and separated by a two-acre park. The studio, one- and two-bedroom units range in size from 595 to 1,241 square feet and feature quartz countertops; hardwood cabinetry with decorator pulls; stainless steel GE appliance packages that include gas ranges; wood-planked laminate flooring; full-sized, in-unit, front-load washers and dryers; and nine-foot ceilings. Community amenities include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall.
Vive is a 550-unit, mid-rise apartment complex consisting of five stories that house a variety of studio, one-, two- and three-bedroom units. Constructed in two phases in 2017 and 2019, units feature slate appliances, five-burner gas ranges, tiled backsplash, stone countertops, wood-plank style flooring, front-loading washers and dryers, and spacious walk-in closets. Vive’s amenity package includes a variety of lifestyle and entertainment options such as rooftop lounges with a pool and spa, multi-level fitness center, business center, sand fire pits and wooded elevated deck, clubroom, game room, social club and onsite storage.
The JLL Capital Markets team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.
“Sunroad’s long-term vision on providing housing in a central San Diego market that had historically been overlooked is a testimony to their understanding of what the San Diego housing market needs,” Cole said.
Earlier this year, the deal team also arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Vive LUX, a 442-unit, Class A apartment project within the Centrum Master Plan that is located adjacent to Ariva and Vive.
WASHINGTON, July 10, 2019 – JLL announces it has secured capital for the development of Sorrento, a 306-unit multi-housing community in Reston, Virginia.
JLL worked on behalf of Woodfield Development to secure a construction loan through PCCP, LLC and joint venture equity from German American Realty.
Sorrento is located at 1950 Roland Clarke Place along the Dulles Toll Road. The transit-oriented community will be situated within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. Due for completion in 2021, Sorrento is being developed in an area that is being transformed into a walkable, tree-lined residential enclave in the heart of Reston that also offers easy access to the area’s 31.2 million square feet of office space and multiple retail amenities, as well as Washington, D.C. Units will include a mix of 316 studio, one- and two-bedroom floor plans averaging 800 square feet, 37 of which will be designated as workforce housing. The community will feature a rooftop, resort-style swimming pool with sunning shelf and lounging deck; a seventh-floor sky lounge with indoor bar and outdoor space; state-of-the-art fitness center; landscaped courtyards with grills and fire pits; outdoor garden park; clubroom with bar, fireplace and game room; and dog park and dog spa.
The JLL Capital Markets team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.
“This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge, vice president with PCCP. “Woodfield Reston will appeal to renters seeking a quality, amenity-rich community near a diverse and dense employment base at a price point that is less than nearby markets.”
CHARLOTTE, N.C., July 10, 2019 – JLL announces it has arranged the sale and financing of The Lowrie, a 245-unit, mid-rise multi-housing community in Charlotte, North Carolina.
JLL marketed the property on behalf of the seller, Proffitt Dixon Partners. Redwood Capital Group purchased the offering free and clear of existing debt. Additionally, JLL worked on behalf of the new owner to secure an acquisition loan through a life insurance company.
The Lowrie, which delivered in summer 2018, is located at 3570 Toringdon Way in Charlotte’s thriving Ballantyne submarket, which offers residents access to nearly 715,000 square feet of Class A office space at Toringdon Office Park and more than 4.5 million square feet of Class A office space at Ballantyne Corporate Park. The four-story community features luxury amenities, including a resort-style saltwater pool, rooftop resident clubhouse, outdoor living room and club space with fire pit, outdoor kitchen with grilling area, outdoor screening area, leash-free dog park and spa, co-working business space, state-of-the-art fitness center with CrossFit cage, yoga studio, concierge service and a secured access garage with covered parking. Units include IOTAS smart home technology; designer kitchens with islands, granite countertops and subway tile backsplashes; wood-style flooring; built-in shelves and desks; walk-in showers; designer lighting packages; in-unit washers and dryers; and private patios or balconies.
The JLL Capital Markets team representing the seller was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
The JLL Capital Markets team representing the new owner was led by senior managing director Travis Anderson and senior director Cory Fowler.
“With its thoughtful development execution and site selection of The Lowrie, Proffitt Dixon delivered a true best-in-class investment offering,” Good said. “Redwood was drawn to the property’s market-leading amenities, exceptional design elements and retail walkability within Ballantyne’s dynamic business environment.”