MORRISTOWN – JLL Capital Markets announced today that it closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multi-housing community located in Plainsboro, New Jersey.

JLL worked on behalf of the seller, a joint venture between the real estate business within Goldman Sachs Asset Management and Kushner Real Estate Group.

Built in 1979, Addison at Princeton Meadows consists of studio, one- and two-bedroom apartment homes across 28, two-story buildings. The majority of units have undergone recent renovations and include stainless steel appliances, updated backsplash and countertops, hard flooring, patios/balconies and in-unit washers and dryers. Community amenities include an outdoor swimming pool with fire pit, tennis and basketball courts, dog park, fitness center, children’s playground and a BBQ and picnic area. Additionally, the community is fully approved for the construction of a state-of-the-art clubhouse, which will house a new fitness center and lounge for residents.

Located at 2821 Pheasant Hollow Dr., Addison at Princeton Meadows is in the Princeton submarket and is adjacent to an 18-hole golf course, The Meadows at Middlesex. The property is situated just minutes from downtown Princeton’s shops, restaurants and top-tier schools, which includes the prestigious Princeton University. The community is less than three miles from the Route 1 corridor, one of the strongest commercial corridors in the state, and is also less than five miles from the Princeton Junction train station, providing access to New York Penn Station or Philadelphia in less than one hour.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver and Director Elizabeth DeVesty.

“The Addison provided investors with the opportunity to acquire a quality multi-housing asset in a strong institutionally owned submarket with significant rental upside,” stated Cruz.

“We were fortunate to partner with Goldman Sachs on the Addison as they were consummate professionals through acquisition, asset management and disposition.  Additionally, JLL did an incredible job in helping us successfully sell the asset in a very difficult capital markets environment,” stated Jonathan Kushner, President of Kushner Real Estate Group.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

MINNEAPOLIS – JLL Capital Markets announced today that it has arranged the $34.62 million refinancing of Savor Apartments, a 200-unit, mid-rise, market-rate multi-housing community located in West St. Paul, Minnesota.

JLL worked on behalf of the borrower, Roers Companies, to secure the fixed-rate, ten-year, full-term interest only, Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Newly built in 2022, Savor Apartments features one- and two-bedroom units with granite countertops, stainless steel appliances, vinyl plank flooring, in-unit washers and dryers and more. Community amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop skylounge, rooftop skydeck and a fitness center.

The property is situated at 1571 Robert Street S. and is minutes from US-52, allowing quick access to St. Paul and nearby suburbs.

The JLL Capital Markets Advisory team was led by Senior Director Scott Streiff and Managing Director Scott Loving.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

MIAMI – JLL Capital Markets announced today that it arranged $38 million in construction financing for GroveParc Townhomes, a 190-unit, Class A build-to-rent development located in Wesley Chapel, Florida (Tampa MSA).

JLL worked on behalf of the borrower, ResiBuilt, to secure the loan through a regional bank.

The project is expected to be completed in January of 2025 and will feature three- and four-bedroom townhomes with garages and private backyards. The community will be gated and will include a clubhouse, resort-style pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent The Grove at Wesley Chapel & KRATE, an open-air shopping center with a plethora of retail and dining options.

Situated at 6568 Halo Bend Ct, Wesley Chapel, FL, GroveParc Townhomes is located off of I-75, providing residents immediate access to Downtown Tampa, the Westshore Business and Entertainment district and Tampa International Airport.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Max La Cava, Managing Director Matthew Putterman and Director Drew Jennewein.

“We are thrilled to have secured construction financing for GroveParc Townhomes during a time when many local and regional banks are on the sidelines. This execution is a testament to ResiBuilt's blue-chip status within the build-to-rent sector and GroveParc Townhomes' position as a best-in-class project in Tampa," said La Cava.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

MINNEAPOLIS – JLL Capital Markets announced today that it has closed the $3.65 million sale of Irving School Apartments, a historic, 44-unit, 1895-built multi-housing community located in Duluth, Minnesota.

High Point Holdings L.L.C. acquired the asset.

Built in 1895, Irving School Apartments was originally developed as a school and went through various phases before being placed on Minnesota’s National Register of Historic Places and converted to apartments in 1978. The community includes expansive studio, one-, two- and three-bedroom units, averaging 980 square feet in size. The apartments also feature over 3-foot ceilings, lofted units, unique brick, stone and timber accents, renovated kitchens and bathrooms, large walk-in closets and interior atriums in select units. The community offers an outdoor patio, on-site laundry, on-site management and controlled access entry.

Situated at 101 N 56th Ave W, the property is distinctly known for its tall chimney that shadows over 35W on the drive into Duluth. Some residential homes and Irving Park lie just to the south of the property, and the large ST Paper facility and the St. Louis River sit to the east. In addition to short commutes to Downtown Duluth, Canal Park and more, residents have immediate access to Lincoln Park, which is quickly becoming the hottest retail corridor in Duluth.

The JLL Capital Markets Investment Sales and Advisory team representing the seller, Sherman Associates, was led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg and Senior Director Adam Haydon.

“Irving School Apartments was a great opportunity for investors to add to their portfolios in Duluth. There have been very few recent listings in Duluth, so the turnout was fantastic,” said Dvorak. “We held numerous tours, which resulted in multiple rounds of bidding and multiple offers above the list price. Duluth is currently one of the top-performing multi-housing markets in the state, so there is high demand from investors. Occupancies are high and rent growth is strong.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

DENVER – JLL Capital Markets announced today that it has arranged $55.18 million cashout refinancing for The Iris, a 276-unit, garden-style apartment complex in the Denver suburb of Arvada, Colorado.

JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year, full-term, interest-only, Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Constructed in 1970 and renovated in 2022, the six-building, three-story community features one-, two- and three-bedroom units with wood-style floors, white cabinets, quartz countertops, in-unit washers and dryers and stainless steel appliances. Community amenities include a pool, a basketball court, a volleyball court, a picnic area and a playground.

Situated at 9700 W. 51st Place, the property is within walking distances to the Arvada Ridge Public transit station, as well as minutes from the I-70 corridor. Additionally, residents benefit from the broad variety of walkable amenities, entertainment, dining and retail options within the historical district of Ode Town Arvada.

“Tony and William started working with us on this refinancing over seven months ago, and from the very beginning it was clear that they knew every possible lever we could pull in order to maximize proceeds and get the deal closer amidst this extremely challenging lending environment. From the very beginning we set a target and with their help we were able to surpass that target. We could not be more thankful for their help and hard work on this transaction!” said Terrance Doyle, founder of VareCo.

The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi and Director William Haass.

“VareCo has done an absolutely tremendous job renovating this asset with one of the best interior unit renovations on a 70’s-built deal in all of Denver. Fannie Mae provided an excellent execution with 35-year amortization loan sizing and full-term, interest-only and sub-5% fixed-rate on a cash out refinance.  JLL is thrilled to be involved in this financing with an excellent local owner and operator in VareCo,” said Nargi.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.