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.”

The transit-oriented development is south of downtown Salt Lake City

 SALT LAKE CITY, September 12, 2019 – JLL announced today that it has arranged preferred equity financing for the development of Upper West, a 207-unit, Class-A, transit-oriented, multi-housing property to be constructed adjacent to the TRAX light rail stop in the suburban Salt Lake City community of West Jordan, Utah.

JLL worked on behalf of the borrower, Salt Lake City-based Boulder Ventures Development, Inc., to place the non-recourse financing with a private capital fund. The total project cost is $52 million.

Upper West will comprise four levels of residential space housing a mix of studio, one- and two-bedroom units over a parking structure. Planned community features include an outdoor pool, cabanas, spa, clubroom, outdoor bar and kitchen, fire pit and vegetable garden. Situated on 2.43 acres at 3283 West Jordan, the development will be part of the Jordan Valley master development, which includes 1,396 multi-housing units, 83,200 square feet of office space and nearly 35,000 square feet of retail and restaurant space. The property site is adjacent to the Jordan Valley Station TRAX stop and about 13 miles south of downtown Salt Lake City. Additionally, the site is surrounded by the Jordan Valley Medical Center, Salt Lake Community College Campus and the Jordan Valley Station high-density TOD development that will contain residential, retail, restaurant and commercial space.

The JLL Capital Markets team representing the borrower was led by Managing Director Mike White in JLL’s Denver office.

“The unbeatable TOD proximity, experienced sponsor and excellent product design for this market were balanced by a 30-day closing time frame involving coordination of four separate stakeholders,” White said. “This deal required such an extraordinary effort by everybody that one attorney was actually hospitalized mid-stream. Few capital sources could have pulled this off, and we were extremely pleased to have identified capital for our client that delivered as promised in just 30 days from first-look to funding!”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About Boulder Ventures Development, Inc.

Salt Lake City-based Boulder Ventures Development, Inc. (BVD) is a privately held real estate development company with a primary focus on mixed-use and transit-oriented properties, BVD has an integrated team of real estate specialists with various areas of expertise, including acquisition, entitlement, design, site planning, construction management, disposition, leasing, property and asset management. BVD has acquired, entitled, and developed millions of square feet of mixed-use developments since its inception in 2003. Visit bvdincorp.com for more information.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

DENVER, September 5, 2019 – JLL announces it has arranged financing totaling $22.86 million for Phenix at Infinity Park I and II, two adjacent multi-housing properties totaling 185 units in the Denver suburb of Glendale, Colorado.

Working on behalf of Glendale-based Slipstream Properties, JLL arranged two 10-year, interest-only, fixed-rate loans through Freddie Mac’s Green Advantage program. The loans will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds were used to refinance existing loans on the properties.

The Phenix at Infinity Park I and II are situated along East Mississippi Avenue and South Dahlia Street one block southeast of Infinity Park, a sports, entertainment and events venue. In addition, the properties are two miles from the high-end Cherry Creek Shopping Center and approximately five miles southeast of downtown Denver. Phase I was most recently renovated in 2011 and Phase II was renovated in 2014. The buildings comprise a variety of one- and two-bedroom units, which are 97% occupied overall.  Community amenities include a swimming pool, dog park, grilling areas and courtyards.

The JLL Capital Markets team representing the seller was led by Senior Director Kristian Lichtenfels.

HOUSTON, September 4, 2019 – JLL announced today it has arranged joint venture equity for The Hanover Company’s 412-unit apartment development with ground-floor retail in Northern Virginia’s Tysons Corner submarket.

JLL worked on behalf of The Hanover Company to arrange the joint venture equity partnership with PCCP, LLC.

The property will be situated on a 5.86-acre site at 1500 Westbranch Drive near major area employers and more than six million square feet of retail in the surrounding area. In addition, the transit-oriented development will provide access to the Capital Beltway, the 495 Express Lanes, the Dulles Toll Road and Metrorail’s Silver Line. The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 square feet, along with nearly 3,000 square feet of ground-floor retail and 596 residential parking spaces. The project will feature best-in-class unit finishes and common area amenities, including a professionally landscaped courtyard with resort-style pool, firepit and grilling area; clubhouse with demonstration kitchen and multimedia area equipped with a cinema with stadium seating, gaming activities and televisions; fitness center and business/conference rooms. Completion is expected in late 2021.

The JLL Capital Markets team representing the sponsor was led by Managing Directors Cortney Cole, Brian Crivella and Walter Coker.

PORTLAND, ORE., August 28, 2019 – JLL announced today that it has closed the sale of Avana Orenco Station, a 264-unit, garden-style multi-housing community in Hillsboro, Oregon.

JLL marketed the property on behalf of Greystar and procured the buyer, Jackson Square Properties. The property was acquired free and clear of existing financing.

Avana Orenco Station is located at 6710 NE Vinings Way less than half of a mile south of the Intel campus, which is home to 20,000 local jobs, and within walking distance to the MAX Light Rail Blue Line, which provides access into downtown Portland, downtown Hillsboro and other employment centers throughout the MSA. With direct frontage along NE Cornell Road, the property also provides residents convenient access to retailers at Orenco Station as well as New Seasons Market, Whole Foods and Costco.

The community consists of 12 residential buildings comprising a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers and dryers. Common area amenities include a swimming pool and spa, grilling areas, firepit, gazebo, fitness center, community lounge with Wi-Fi and pool table, business center and dog park.

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.

SAN DIEGO, August 27, 2019 – JLL announced today it has arranged $14.25 million in financing for the development of Arbor Terrace, a five-story, 50-unit multi-housing project located in San Diego’s Hillcrest submarket.

JLL worked on behalf of the developer, 325 Arbor Terrace LLC, a partnership owned by the Tibbitts family of San Diego, to arrange the two-year, floating-rate construction loan through Pacific Western Bank.

Arbor Terrace will be developed on a 0.3-acre site at 4186 4th Avenue a few blocks from the 390-bed UC San Diego Medical Center, Hillcrest and the 700-bed Scripps Mercy Hospital San Diego. Future residents will also have access to the neighborhood’s eclectic entertainment, dining and retail amenities as well as Balboa Park. The property’s 50 units will include a mix of studio and one-bedroom units averaging 560 square feet situated above a two-story parking garage. Completion is expected in first quarter 2021.

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