MORRISTOWN, N.J., August 8, 2019 – JLL announces the $42.5 million financing of RIVET, a mixed-use multi-housing and retail property located in the heart of New Jersey City University’s University Place in Jersey City, New Jersey.

JLL advised the borrower, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments, on the refinancing of the existing construction financing that was previously secured by the deal team.

RIVET is located at 23 University Place Boulevard less than a half mile west of the NJCU campus. Completed in 2017, the property features 163 apartment units, approximately 10,000 square feet of ground-floor retail and a 177-space parking garage. Community amenities include a fitness center with Fitness On Demand, yoga studio, 15,000-square-foot courtyard with sundeck, cybercafé with Wi-Fi, indoor lounge, pet spa, and virtual entry and package delivery system. Commercial tenants include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.

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

CHARLOTTE, N.C., August 7, 2019 – JLL announces it has closed the $10.6 million sale of Historic Boylan, a 56-unit, boutique apartment community in Raleigh, North Carolina.

JLL marketed the property on behalf of the seller, Blue Heron Real Estate Opportunity Fund II, LP, managed by Raleigh-based Blue Heron Asset Management, LLC (“Blue Heron”). Denver-based Riverpoint Partners purchased the offering free and clear of existing financing.

Historic Boylan is located at 817 Hillsborough Street approximately 1.5 miles southeast of North Carolina State University in downtown Raleigh.  Originally constructed in 1935, the property has retained many of its unique architectural features over the years, including the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep window sills and porcelain cast iron tubs. Units include a mix of one- and two-bedroom layouts averaging 714 square feet.  The brick-clad, colonial revival building also features an expansive courtyard with brick patio and locally designed lounge furniture, grilling pavilion, on-site laundry facilities and high walkability around downtown Raleigh, the Warehouse District and Glenwood South. The property has maintained a consistent occupancy rate of 98%.

“We are very proud of what our team at Blue Heron was able to accomplish at Historic Boylan,” stated Michael Eubanks, one of Blue Heron’s partners. “We are also thankful to our property management partners, Kane Residential, for their oversight of the property and renovation program, and to JLL for their great work on the sale.”

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

WASHINGTON D.C., August 1, 2019 – JLL announces it has secured $24.9 million in acquisition financing for 251 North, a 192-unit, garden-style property located at the juncture of Atlanta’s Midtown, Old 4th Ward and East Atlanta neighborhoods.

Working on behalf of Taurus Investment Holdings, LLC, JLL arranged 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. JLL also arranged the sale of the property to Taurus Investment Holdings.

251 North is located at 300 Cityline Avenue NE adjacent to outdoor recreation at Renaissance Park and Central Park. In addition, the property is near Midtown Atlanta’s job market and some of the city’s most popular entertainment and restaurants, including the Atlanta Beltline and Ponce City Market. Originally completed in 1989, the property consists of one- and two-bedroom floor plans that feature spacious layouts, walk-in closets and options for duplex/loft units. Community amenities include a resort-style pool, outdoor grilling station, cardio-based fitness center, 24/7 laundry facility and covered parking. 251 North was more than 93% occupied at closing.

The JLL Capital Markets team representing the borrower was led by senior director Jamie Leachman and director Ware Shipman.

PORTLAND, ORE., July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

JLL marketed the property on behalf of institutional investors advised by J.P. Morgan Asset Management and procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Company. Additionally, JLL worked on the new owner’s behalf to secure acquisition financing.

Tupelo Alley is situated on 1.44 acres at 3850 N. Mississippi Avenue, the retail center of the Boise-Elliot neighborhood. Completed in 2009, the three-building, LEED Gold-certified property includes 10,000 square feet of ground level retail and 188 apartment units featuring a mix of studios, one- and two-bedroom units averaging 770 square feet. The community includes ample indoor and outdoor gathering spaces for residents for an abundance of activities, including billiards, ping-pong, barbecues and fitness.

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.

The JLL Capital Markets team representing the new owner was led by Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson.

CHARLOTTE, N.C., July 31, 2019 – JLL announces it has closed the sale of Novel NoDa, a 344-unit, mid-rise apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Charlotte-based Crescent Communities, which also developed the community in 2018. 

Novel NoDa is situated on an approximately six-acre site at 424 E. 36th Street. The property offers residents immediate access to light rail service, which directly connects to Charlotte’s largest employment centers, including the Uptown and University submarkets. Novel NoDa is surrounded by top-notch retail, including the Salud Beer Shop, The Barre Code, Wooden Robot Brewery, Rush Bowls and Idlewild cocktail bar. The NGBS Bronze-certified property consists of modern units with high-end finishes averaging 817 square feet. Community amenities include a saltwater pool with sun shelf; common courtyard with beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces.

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

“Authenticity, connectivity and activity are the top traits that both residents and investors seek, particularly in high-growth markets like Charlotte,” Lynch said. “Novel NoDa embodies all of this. It is a truly unique asset woven into the fabric of the thriving North Davidson Arts District and 36th Street light rail.”

“Crescent Communities only strengthened its impressive track record of delivering differentiated communities with the development of Novel NoDa,” Mark added. “Its market reception and this transaction is the latest endorsement for this unique community, neighborhood and the Charlotte market,” Mark added. 

MIAMI, July 30, 2019 – JLL announced today that it has closed the $30.3 million sale of The Gardens at Nova, a 140-unit, value-add multi-housing community in Broward County, a prime suburban growth market in South Florida.

 JLL marketed the property exclusively on behalf of the seller, Grand Peaks Properties, Inc. Robbins Property Associates purchased the asset. 

 The Gardens at Nova comprises 16 garden-style residential buildings housing two-bed, two-bath units averaging 1,173 square feet and one clubhouse/leasing office. In addition to the clubhouse, the pet-friendly community features a business center, fitness center, coffee bar, swimming pool, outdoor kitchen with barbeque grill and sun deck. The Gardens at Nova is situated on nine acres at 6857 College Court in Davie, which, as home to the 545-acre South Florida Education Center (SFEC), serves as South Florida’s epicenter of higher education and includes five different educational institutions: Nova Southeastern University, Florida Atlantic University – Davie Campus, Broward College, University of Florida – Fort Lauderdale Research and Education Center and McFatter Technical College and High School. The Gardens at Nova is located directly across the street from SFEC and is proximate to grocers, retail, parks and restaurants. Additionally, the property has easy access to Interstate 595, Broward County’s primary east-west highway, which provides residents with short commutes to downtown Fort Lauderdale and top suburban employment corridors.

 The JLL investment advisory team was led by Maurice Habif, Simon Banke and Victor Garcia.

 “The Gardens at Nova is a fantastic asset with tremendous growth potential, in large part due to its central location in the Town of Davie, proximate to both major employment and demand drivers, as well as a strong highway network,” Banke said.