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.

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.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division closed the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California. The $67 million sales price equates to more than $350,000 per unit.

“The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” said IPA executive director Greg Harris.

Harris, and IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, IMT Capital LLC. The buyer is an affiliate of Pacific Urban Residential.

“The property benefits from Thousand Oaks’ strong public school ratings, low unemployment and low apartment vacancy,” added Green. “Plus, the city’s business-friendly environment and proximity to major employment centers along the 101 corridor will continue to attract growth and foster economic prosperity.”

The asset is located at 491 West Gainsborough Road along U.S. Highway 101 with proximity to companies such as Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co.

Built in 1973, IMT Thousand Oaks is a garden-style community of one-, two-, and three-bedroom floorplans with large private patios or balconies. Community amenities include an on-site business center, a pet park, and a swimming pool with cabanas.