The first multifamily development at Xentury City will break ground in the next 60 days  

The Allen Morris Company, Xenel International U.S.A. and Principal Real Estate Investors have closed on a $57.2 million construction loan for The Maxwell at Xentury City, a 311-unit multifamily development located in Osceola County. The loan is being provided by Regions Bank.

 The Maxwell at Xentury City broke ground in September and has a completion date set for the second quarter of 2024. The General Contractor for the project is Deangelis Diamond.

 It will be the first residential phase of a larger 200-acre mixed-use development in Xentury City that will offer live, work, play offerings like first-class dining, entertainment, and now, a residential offering.

 The 293,000 square feet community will contain five garden-style buildings with a total of 311 residential units and features world-class amenities throughout. The project site is adjacent to the Gaylord Palms Resort and Convention Center.

 “We are very pleased to expand our relationship with Regions Bank for the construction loan of The Maxwell – Regions was steadfast throughout the process and provided a strong execution for the partnership,” said Spencer Morris, President of the Allen Morris Company.

 “We are proud to be the Allen Morris Company’s lending partner to start construction on a project that will transform the area into a thriving multifamily destination,” adds Mercedes Montalvo, Senior Vice President, of Regions Bank.

“From our early conversations with Allen Morris, Principal Real Estate Investors gained a lot of confidence in being culturally aligned along with Allen Morris’ ability to execute on The Maxwell development plan. We have been watching this area of Orlando evolve and are excited to partner with the team they’ve put together as well as the opportunity to extend our relationship with Regions. Principal believes in the strong fundamentals within this market and looks forward to delivering a first-class multi-family community.” adds Rob Klinkner, Managing Director for Principal Real Estate Investors.

Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer will spearhead the project.

The Maxwell at Xentury City is close to all the theme parks including Disney World and Universal Studios and has developed a major transportation network to access the site. The site is also 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.

 For additional information visit www.allenmorris.com.

JLL Capital Markets announced today it closed the sale of Northpointe, a 158-unit luxury multi-housing property located in Portland, Oregon. 

JLL represented the seller, a partnership between Fore Property Company and Principal Real Estate Investors, to complete the sale to the buyer, an affiliate of The Wolff Company.   

Completed in 2019, Northpointe totals 106,568 residential square feet and 3,748 square feet of commercial space. The property offers studio, one- and two-bedroom floorplan options that boast luxury-grade, modern finishes, such as quartz countertops, in-home washer and dryers, stainless steel appliances, solar shades and luxury vinyl plank flooring, with private balconies or patios and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge.

Located at 1314 N Skidmore St. in one of Portland’s most transit-orientated neighborhoods, Northpointe is within walking distance from the TriMet Yellow MAX line and 1.1 million square feet of the city’s most popular dining and shopping destinations via the N. Mississippi and N. Interstate retail corridors. The property also offers convenient access to many of the city’s largest employers, with over 129,000 jobs accessible by public transit or on foot. North Portland has received substantial investment in its retail infrastructure over the last 10 years, leading to notable population growth and attracting some of the most affluent renters in the Portland MSA. Between 2010 and 2020 the area experienced 46 percent rent growth and boasts a vacancy rate of four percent. 

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“Northpointe presents an opportunity with tremendous growth potential due to its transit-oriented, North Portland location with close proximity to large employers, such as one of the biggest athletic retailers, a global automotive supplier and Legacy Health, which continue to expand in the region,” says Virden. “With a very limited pipeline of new housing supply coming in Portland, this asset is poised for tremendous growth.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Miami-based Coral Rock Development Group announced today that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.

“We are very proud to secure construction financing with Principal Real Estate Investors for Pura Vida Hialeah as we step closer to delivering this compelling project to the area,” said Michael Wohl, principal of Coral Rock Development Group. “Pura Vida will undeniably introduce a new lifestyle for Hialeah creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood, and this is a momentous milestone in bringing this vision to fruition.”

Pura Vida Hialeah portends to transform the area’s aging residential and retail offerings with the first new sleek contemporary designed vertical towers. Boasting a vibrant mix of popular restaurants, shops and other conveniences, Pura Vida Hialeah will provide an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.

The visionary project will encompass three eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 square feet of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 square feet of commercial retail space.

“Principal has worked with the Coral Rock Development team for almost two years to help make this project a reality. We believe not only in the Hialeah market, but especially in the team’s vision and experience. Pura Vida will truly be a game changing development in this community,” said Mary Scott, Senior Investment Director at Principal Real Estate Investors.

The project is poised to become the new epicenter of Hialeah. Offering a wide array of floorplans ranging in size from 538 square feet to 1,099 square feet, the market-rate rental residences at Pura Vida Hialeah will include studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, biking center, and 24-hour security staff for the convenience of residents.

General contractor KAST Construction will break ground on the residential portion of the project next month and will open for occupancy in the first quarter of 2022. 

The retail portion of the project broke ground in April 2019, recently completing the first building this summer with retail tenant Dollar Tree now open, and soon to be joined by InnovaCare Health. InnovaCare Health will occupy 20,000 square feet providing Pura Vida residents and the surrounding neighborhood with accessible healthcare services.

Additional confirmed retail tenants include a Wawa convenience store and gas station – representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, and a Taco Bell restaurant, with more to be announced in the coming months.

Situated on a prime corner at 3051 W 16^th Avenue, Pura Vida Hialeah boasts a central location just minutes from major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road, offering direct access to Greater Miami and the surrounding areas.

CHARLOTTE – JLL Capital Markets announced today it has closed the sale of Alta Blu, a 298-unit, Class A apartment community in Chapel Hill, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners, and procured the buyer, Principal Real Estate Investors.

Alta Blu is located at 5840 Farrington Road in Chapel Hill near some of the Research Triangle’s largest knowledge and technology-driven employers. The property is also near Highway 54 and Interstate 40, which provides residents with easy access to the area’s top retail and grocers. Completed in 2019, the community consists of 282,628 rentable square feet of residential across a mix of studio through three-bedroom homes and 5,000 square feet of co-working office space. Apartments feature spacious floor plans, stainless steel appliances, sleek white cabinetry, granite countertops, expansive walk-in closets, wood-style flooring, in-home washers and dryers, and private patios or balconies. Community amenities include a saltwater pool, courtyard with outdoor theatre, resident lounge, business center, fitness center, dog walking service and nearby access to botanical gardens and walking trails.

The JLL Capital Markets team representing the seller was led by Managing Directors Justin Good and Jeff Glenn, Senior Vice President Andrea Howard, Senior Directors Allan Lynch and Caylor Mark, and Vice President John Currin.

“Alta Blu’s sale represents the latest institutional endorsement for Chapel Hill and the greater Raleigh-Durham MSA,” Glenn said. “Unique product with tremendous access to STEM jobs and intellectual capital continues to garner significant investor interest.”

“With ties to UNC-Chapel Hill and Duke University across all parties to the transaction, Alta Blu’s growth story and investment thesis resonated on many levels from ground-up to ultimate sale,” Mark added.

CHICAGO – JLL Capital Markets announced today that it has arranged joint venture equity and financing for Marq on Main, a newly built, fully amenitized, boutique apartment asset in the affluent Chicago suburb of Lisle, Illinois.

JLL worked on behalf of Marquette Companies to arrange a joint venture equity partnership with Principal Real Estate Investors. In addition, the team worked on behalf of the new partners to place a fixed-rate loan with a correspondent life company lender.

Marq on Main comprises a mix of 202 condo-quality one- and two-bedroom units averaging 816 square feet as well as 13,433 square feet of ground-floor retail space set on an exquisitely conceived streetscape. Located at 4755 Main Street, the property delivers an unmatched level of in-home finishes and property amenities for the submarket, including quartz countertops, stainless steel appliances, wood-style flooring, state-of-the-art clubroom, 2,500-square-foot fitness facility, resort-style pool, tech lounge and a 237-stall heated underground parking garage with electric car charging stations. Completed earlier this year, the transit-oriented property is steps from the Lisle Metra Station and near Interstates 55, 88 and 355, which provides accessibility around the Chicago Metro.

The JLL Capital Markets team representing the Marquette Companies and the newly formed joint venture was led by Managing Director Matthew Schoenfeldt. 

MORRISTOWN, N.J., August 16, 2019 – JLL announces that it has arranged financing for the development of Englewood Circle, a 220-unit, Class A multifamily property in Englewood, New Jersey.

JLL worked on behalf of the developers, a joint venture between The Claremont Companies and Cypress Equity Investments, to secure the five-year construction loan through Principal Real Estate Investors.

Englewood Circle is being constructed on 2.54 acres at 40 Bennett Road directly across from MacKay Park. Due for completion in 2020, the transit-oriented community offers convenient access to major thoroughfares, including Interstate 95, Route 4 and Palisades Interstate Parkway.

The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Andrew Zilenziger.

“We are excited to be a part of Claremont’s foray into Englewood, a town that has seen tremendous growth, specifically in the luxury multi-housing space,” Mikula stated. “Englewood Circle will provide the newest and most amenity intensive project in Englewood.”