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.

ORLANDO, FLA., July 29, 2019 – JLL announces it has closed the sale of Maitland Station, a 293-unit, mid-rise apartment community in Maitland, Florida.

JLL arranged the sale of the property from Epoch Residential to Nicol Investment Company (“Nicol”). Nicol purchased Maitland Station free and clear of existing debt.

Maitland Station is located on the historic Parker Lumber Yard site at 801 Orlando Avenue. Completed in 2018, the luxury transit-oriented development is adjacent to the Maitland SunRail station, which provides access to the area’s top retail, dining, employment and recreational destinations. Floor plans include a mix of one-, two- and three-bedroom units averaging 942 square feet that are appointed with high-end amenities, including Shaker-style cabinetry, subway tile kitchen backsplashes with granite countertops, stainless steel appliances, wood-style flooring, floor-to-ceiling windows, in-unit washers and dryers and electronic keyless entry. Community amenities include a pool with lounge area and fire pit; outdoor summer kitchen with gas grills; 24-hour fitness facility with separate CrossFit studio; cyber café; media room; game lounge with billiards and community kitchen; private conference room and business center; and pet park with dog washing station.

The JLL Capital Markets team representing the seller was led by senior director Brett Moss and managing director Elliott Throne.

“We are thrilled to buy a high-quality, core asset in the vibrant Maitland community and capitalize on its proximity to the SunRail,” said Grant Nicol, director of finance for Nicol Investment Company. “It was a pleasure to work with the Epoch Residential and JLL teams on a successful transaction.”

“The Orlando multi-housing market continues to garner robust interest from a diverse roster of investors due to the positive market fundamentals such as employment and population growth that continue to play out across the region,” Moss added. “It was a pleasure to advise Epoch Residential on the strategic sale of the property to Nicol, who are eager to expand their presence in Orlando.”

MORRISTOWN, N.J., July 29, 2019 – JLL announces that it has closed the sale of AVA Stamford, a Class A, 18-story, luxury residential tower in downtown Stamford, Connecticut.

JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. West Coast-based Pacific Urban Residential (“PUR”) purchased the asset. The transaction represents PUR’s second investment in the East during the past 90 days.

Located at 50 Forest Street, AVA Stamford offers panoramic city views in a transit-oriented, urban infill location in the heart of downtown Stamford. The property boasts a Walk Score® of 94 due to its proximity to numerous restaurants and shops as well as the Metro North and Amtrak train stations. Completed in 2001, the institutionally maintained tower features a diverse mix of one-, two- and three-bedroom units averaging over 1,000 square feet. Residences are equipped with in-unit washers and dryers and walk-in closets with some units also outfitted with dens and patios or balconies. Community amenities include an outdoor heated pool, fitness center, resident clubhouse with TV lounge and kitchen, covered parking and an attached 1.1-acre private park with tennis courts. The property was 95 percent occupied at closing.

The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman.

“AVA Stamford attracted multiple investors, including both institutional capital and private buyers given the strategic location and potential upside of the asset,” Cruz stated.

WASHINGTON D.C., July 24, 2019 – JLL announces it has closed the sale of The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.

JLL marketed the property exclusively on behalf of the seller, a joint venture between EYA, LLC and The Bozzuto Group. Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the asset through one of its investment platforms that owns and operates high‐quality commercial real estate across the industrial, office, retail and multifamily sectors.

The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. Completed in 2017, units average 831 square feet and feature stainless steel appliances, under cabinet lighting, glass tile backsplashes, quartz countertops, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. Community amenities include a resort-style pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; pet spa; Amazon hub package service; and ButterlyMX virtual doorman. The property’s 14,974 square feet of retail space is anchored by Starbucks.

The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella, Stephen Conley and Susan Carras.

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.”