CHICAGO, Feb. 8, 2022 – JLL Capital Markets announced that it has closed the sale of Ellyn Crossing, a 1,155-unit,  garden-style workforce housing apartment community located in Glendale Heights, Illinois, marking the largest deal to ever trade in a Chicago suburb.

JLL represented the seller, Rockwell Property Co., in facilitating the sale to Turner Impact Capital, a leading real estate investment firm dedicated to social impact.

Spanning 31 buildings across 45 acres, Ellyn Crossing currently consists of 678 unrenovated homes, 80 partially renovated homes and 397 renovated homes. Unrenovated units feature laminate countertops, white appliances and light brown cabinets, and renovated homes offer laminate countertops with varying finishes, wood-style plank flooring, designer tile backsplash, ceiling fans and black appliances. Community amenities include a fitness center, resident clubhouse, resort-style swimming pool, laundry rooms, park, a tennis court and business center.

Located at 440 Gregory Ave., the location of the community allows residents to have easy access to top employers, offering convenient drive-times to both the Golden Corridor in Schaumburg and the Industrial Superhighway along I-88. The community offers connectivity to Chicago as well, with proximity to two Metra stations within five miles.  The property is also just 11 miles northeast of the Elk Grove Village Business Park, the largest industrial park in the U.S., and proximate to eight award-winning hospitals. Additionally, Ellyn Crossing provides easy accessibility to highways, including I-355, I-290, I-88 and the Chicago Loop, and is close to both DuPage Airport and O’Hare International Airport.

The JLL Capital Markets Sales and Advisory team was led by Senior Director Kevin Girard and Senior Managing Director Marty O’Connell.

NEW YORK, Feb. 7, 2022 – JLL Capital Markets announced that it has arranged $38.45 million in acquisition financing and secured the equity for Summit at Rivery Park, a 228-unit multi-housing community located in the Austin-area community of Georgetown, Texas.

JLL worked on behalf of Austin-based sponsor, Old Three Hundred Capital, to arrange a joint venture equity partnership with Sound Mark Partners. Additionally, JLL secured the five-year, non-recourse, floating-rate acquisition loan through Vancouver-based QuadReal Finance, Inc. on behalf of the new partnership.  JLL has now financed a total of 1,350 units for Old Three Hundred Capital since the onset of the COVID-19 pandemic.

"Summit at Rivery Park is well-positioned for growth with its location in one of the most sought-after suburbs of arguably the hottest real estate market in the country," said OTH Capital Managing Partner William Gottfried. "We are thrilled to add it to our portfolio and continue executing on our strategy of acquiring Class A assets in Austin's expanding metropolitan footprint."

Situated on 32 acres, Summit at Rivery Park is part of the first high-end, mixed-use development in Georgetown, Texas. Built in 2015, the community offers one-bedroom units ranging from 576 square feet to 772 square feet, two-bedroom units of either 1,013 or 1,092 square feet and three-bedroom units of 1,410 square feet. The larger development project is anchored by a 4-Star Sheraton Hotel and Conference Center, with additional development of office, restaurant, retail, luxury loft apartments and single-family townhomes that are near full capacity. The partnership plans to implement a property improvement plan that includes interior unit refreshes and updates.

Situated at 1400 Rivery Blvd., the property is less than 30 miles north of Austin and overlooks the North San Gabriel River near IH-35. It offers direct connection to the San Gabriel River Trail and is a short walk to the entertainment and dining in downtown Georgetown's City Square.

The JLL Capital Markets Advisory Team representing the borrower was led by Senior Director Marko Kazanjian, Senior Managing Director Max Herzog and Associate Andrew Cohen out of the New York City office, along with Senior Director Chris McColpin out of the Austin office.

“Between the OTH and Sound Mark joint venture and the QuadReal team, I could not have drawn up a better group of partners and lenders for this extremely smooth acquisition,” said Kazanjian.

MINNEAPOLIS, Feb. 1, 2022 – JLL Capital Markets announced today that it has closed the $61.6 million sale of Marquee, a 231-unit, mid-rise multi-housing community located in the Loring Park neighborhood of Minneapolis, Minnesota.

JLL represented the seller, Reuter Walton Development. KC Venture Group, L.L.C. acquired the asset.

Marquee consists of studio, alcove, one-bedroom and two-bedroom units with nine-foot ceilings, full-size washers and dryers, stainless steel appliances and quartz countertops. The property features many high-end community amenities, including a private conference room, bike storage, a dog wash station, a club room, a rooftop pool that converts to a hot tub in the winter, a resident lounge and a fitness center. The building also offers 8,865 square feet of first-floor retail space.

Located at 1410 Nicollet Ave., the property neighbors Loring Park, the largest green space in downtown Minneapolis. The community is less than a 15-minute walk to top employers within the Central Business District and is less than a 30-minute commute by interstate to top suburban job opportunities. Residents have convenient access to popular city attractions, including U.S. Bank Stadium, Target Field, Target Center, the State Theater, Walker Art Center, the Minnesota Orchestra and Brave New Workshop. Additionally, the community offers proximity to the University of Minnesota and Abbot Northwestern Hospital.

The JLL Capital Markets Sales and Advisory team was led by Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg, along with Senior Director Adam Haydon.

“Marquee is a top-of-the-line, fully amenitized project with great visibility along Nicollet and a short walk to Loring Park,” said Gunderson. “The property drew significant interest from groups looking to capitalize on a very attractive basis compared to replacement in a city where going-in yields are significantly higher than other major metros across the country.”

MIAMI, Feb. 1, 2022 – JLL Capital Markets announced today that it has arranged a $24 million financing for Ashton at Richmond Hill, a 232-unit, garden-style, affordable apartment community in the Savannah, Georgia suburb of Richmond Hill.

JLL worked on behalf of the borrower, Beachwold Residential, LLC., to originate a floating-rate acquisition loan through Sound Point Capital Management. Sound Point’s Southeast originations team was led by Jordan Heller.

Built in 1995, the apartment community features one-, two-, and three-bedroom apartment homes with open-concept living areas, a chef’s kitchen, full-size bathrooms, walk-in closets, private balconies or patios, plush carpet and wood-style flooring. The community amenities include a swimming pool with a sundeck, a 24-hour fitness center, sand volleyball and tennis courts, a resident lounge, a business center, a picnic area and a children’s play area.

Located at 505 Harris Trail Rd., the property is situated just outside of Savannah and offers easy accessibility to Interstate 95 and Ocean Highway. Nearby outdoor sites include J F Gregory City Park, Al Bungard Conservation Area, Coastal Georgia Botanical Gardens, Green Creek Trail, Coastal Georgia Botanical Gardens at the Historic Bamboo Farm and Sterling Creek Park. Additionally, the location provides proximity to local retail such as Savannah Festival Outlet Center, The Shoppes at Richmond Hill, Sawmill Plaza, Anderson Mercantile and Ford Plaza.

The Capital Markets Debt Advisory team representing the borrower included Senior Managing Director Elliott Throne, Director Kenny Cutler and Analyst Karim Khaiboullin.

“Beachwold was able to secure a flexible acquisition financing solution at a time when the bridge market had an excellent appetite for this type of product in the Sunbelt,” said Cutler. “They are adding a fantastic asset to their portfolio, broadening their footprint in the Savannah MSA and executing a proven business plan.”

DENVER, Feb. 1, 2022– JLL Capital Markets announced today that it secured $24.25 million in acquisition financing for Urban188, a 188-unit, value-add, garden-style workforce housing community located in Phoenix, Arizona.

JLL worked on behalf of the borrower, EPIC Multifamily Real Estate Fund I LP, to secure a traditional, three-year, floating-rate, bridge loan with two one-year extensions. The lender, Asia Capital Real Estate (ACRE), facilitated the acquisition and funded 100% of the renovation costs.

Consisting of 10 residential buildings, each three-stories tall, Urban188 offers studio, one- and two- bedroom floorplans. Units feature gas stoves, wood-style plank flooring, in-unit digital thermostats, walk-in closets, breakfast bars and an average unit size of 501 square feet. Community amenities include two swimming pools, a community garden, gas barbeque grills, an eco-friendly community, a business center, outdoor lounge areas, a yoga deck, two laundry facilities and a dog park.

Located at 1601 W. Camelback Rd., the community offers nearby freeway access and is less than a 15-minute commute to several major employment corridors, including Camelback Biltmore Corridor, Central Corridor Health Network, Midtown Phoenix and Downtown Phoenix. With Interstate-17 situated less than two miles west, the property offers proximity to an abundance of manufacturing and warehouse job opportunities.  The community is also positioned along the 28.2-mile Valley Metro Rail, serving over 40,000 passengers per day and providing residents with a 20-minute connection to Downtown Phoenix, in addition to access to Tempe and Mesa. The neighborhood surrounding Urban188 consists of a mixture of single-family homes, multi-family projects and commercial developments. Nearby shopping malls include Christown Spectrum Mall and Biltmore Fashion Park.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Eric Tupler, Senior Director Brad Miner and Director Will Haass.

“Urban 188 represents an excellent opportunity for Epic to capture the momentum of the market as they execute a value-add program at this in-fill property,” said Miner. “ACRE recognized the strength of the opportunity and sponsor and offered competitive financing terms that will allow Epic to execute on their strategy.”

MORRISTOWN, NJ, Jan. 26, 2022 – JLL Capital Markets announced that it has arranged a $23.2 million refinancing for Elm Estates, a 197-unit multi-housing community located near Albany in Selkirk, New York.

JLL worked on behalf of the borrower, Tower Management Service, LP, to secure the 10-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Built in 1978, Elm Estates offers spacious two- and three-bedroom townhomes and duplexes. The units feature central air conditioning, private entrances and garages, large kitchens with full-size appliances, in-unit washers and dryers and walk-in closets. The property has been well maintained by ownership, who has renovated approximately 70% of units since 2017.

Situated at 122-A Fairlawn Dr., the property is located in the town of Bethlehem, a hamlet of Selkirk. Bethlehem is located just south of the city of Albany, providing residents of Elm Estates access to the capital city of New York State in under 15 minutes. 

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E Didio, Jr. and Associate Gerard Quinn.

“Tower Management has done an excellent job operating and upgrading Elm Estates since the asset was acquired in 2008,” said Didio, Jr. “JLL is very pleased to secure a long-term, fixed-rate refinance with Freddie Mac on behalf of the borrower.”