Mill Creek Residential, a fully integrated rental-housing investment firm that acquires, manages and develops premier rental communities across the U.S., today announced it has hired Kel Frazier as president of acquisitions. Frazier will have a prominent role in all facets of the acquisition process, including sourcing, underwriting and closing transactions in addition to participating on the Investment Committee.

Frazier's hire is emblematic of Mill Creek's strategic approach to acquisitions, as the company constantly monitors investment opportunities in key markets across the U.S. Mill Creek's most recent acquisition was Modera Art Park in the River North District of Denver, which the company acquired in late June. 

“We’re excited to add Kel to the Mill Creek family, and we know his proven track record and dynamic approach to acquisitions will prove invaluable,” said Darren Schackman, chief investment officer for Mill Creek Residential. “We’ve always prided ourselves on taking a thoughtful and strategic approach to acquisitions, and we believe Kel is the ideal individual to lead Mill Creek’s growth and expansion in this vertical.” 

Frazier has extensive experience in the multifamily investment sector. He most recently spent 11 years with Berkshire Residential Investments as senior vice president of investments. At Berkshire, he oversaw the company’s investment activity in the East Region and participated in direct investment of over 28,000 apartment homes which resulted in $7 billion in total capitalization. 

Frazier graduated from Ohio State with a Bachelor’s degree in Human Ecology. He also earned a Master of Science in Real Estate Development from Massachusetts Institute of Technology and Master of Business Administration (Finance) from Boston University Graduate School of Management. 

“I’m thrilled to join the Mill Creek team and spearhead acquisition efforts in our target markets across the country,” Frazier said. “While we will remain aggressive in pursuing potential properties to acquire, we will continue to do so with a measured approach and seek opportunities that align with our investment criteria and long-term strategy. I look forward to working with this wonderful team.”

PORTLAND, ORE., June 8, 2020 – JLL Capital Markets announced today that it has completed the sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland, Oregon’s Pearl District.

JLL marketed the property exclusively on behalf of the seller, a joint venture between Mill Creek Residential Trust LLC and their capital partner. Virtú Investments, purchased the asset free and clear of existing financing. 

Modera Davis is located at 215 NW 10th Street within the affluent Pearl District, and was sold prior to receiving a temporary certificate of occupancy. The newly built, 12-story property features units averaging 658 square feet, 8,307 square feet of retail and 136 parking stalls. The property boasts a Walk Score® of 100 and Transit Score® of 95 due to its location adjacent to some of the city’s most iconic restaurants, retailers and entertainment venues. 

Apartments feature spacious floor plans with private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities feature a top-floor fitness center, rooftop deck with grilling area and fire pit, sauna with rock salt wall, sensory deprivation float spa chamber, golf simulator, demonstration kitchen and electric vehicle charging stations.

The JLL Capital Markets investment advisory team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, Senior Director Carrie Kahn and Associate Frank Solorzano.