Friday, July 12, 2019

JLL arranges $13 million financing for creative office project in Lloyd District of Portland, OR

Leftbank, a 60,209-square-foot, adaptive reuse, creative office project in Portland’s Lloyd District. 

SEATTLE, WA – JLL announces that it has arranged $13.3 million in financing for the acquisition of Leftbank, a 60,209-square-foot, adaptive reuse, creative office project in Portland’s Lloyd District. 

Tom Wilson
JLL worked on behalf of the borrower, ScanlanKemperBard (SKB), to place the three-year, floating-rate bridge loan with two one-year extension option with a debt fund. 

The Leftbank property has a total of 60,209 rentable square-feet and consists of a four-story building, adjacent parking lot and vacant developable parcel of land. 

With its exposed wood ceilings and beams, original masonry walls and panoramic views of the west side of Portland, the four-story building provides an engaging space that has become ideal and sought after for creative and tech tenants. 

In addition to its architectural appeal, the property is conveniently located adjacent to a Portland Streetcar stop and a short walk to four MAX light rail lines, and is only two blocks from Portland’s Moda Center, home of the Portland Trail Blazers.

The JLL Capital Markets team representing the borrower included senior managing director Tom Wilson and director Zachary Kersten.

Moda Center, Portland, OR

“We are excited to acquire another asset in Portland’s thriving Eastside market," said Justin La Tempa, SKB vice president of acquisitions. "Leftbank’s central proximity and its adjacency to public transportation and Portland’s largest event venues makes for an advantageous opportunity.”


Tom WilsonJLL Senior Managing Director
Phone:  +1 206 576 0035

Zachary Kersten, JLL Director    
Phone: +1 503 417 5586

 Kimberly Steele
Phone: +1 713 852 3420

Levin Johnston Directs Two Property Sales Totaling Nearly $25 Million in California Bay Area

Village Drive Apartments, 1100-1114 Village Drive, consists of four buildings totaling approximately 34,889 square feet in Belmont, CA

BELMONT, CA  – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed two property sales totaling $24.99 million in Belmont, California – a high-barrier to entry market in San Mateo County.

Adam Levin
Adam Levin, Executive Managing Director and Robert Johnston, Senior Managing Director of Levin Johnston, represented the seller, a private high net worth  investor.

They also represented the buyer in each transaction both of which were Family Trust Exchange buyers.

 “Belmont is one of the strongest and most robust rental markets in the country,” explains Levin. 

“Each of these multifamily assets are positioned to perform well over time based on their close proximity to many of the nation’s top tech employers such as Oracle, Facebook, Sony and Google, among many others – which will drive continued occupancy and a well-sustained renter base for years to come.”

Levin Johnston’s recent sale transactions include:

$16 Million Sale of Village Drive Apartments

            Levin Johnston of Marcus & Millichap directed the sale of a 30-unit multifamily community in Belmont, California for $16 million. Situated on 0.72 acres, Village Drive Apartments consists of four buildings totaling approximately 34,889 square feet.

Robert Johnston
The property recently underwent extensive renovations including exterior and interior improvements such as new dual-pane vinyl windows, fresh paint, landscaping and architectural improvements.

The apartment interiors have been updated with laminate flooring and upgraded kitchen cabinets, counters, backsplashes, lighting and appliances.

“We immediately recognized the appeal of this asset, based on its favorable location and extensive capital improvements,” says Johnston.

“In the current market, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments.”

Originally constructed in 1959, Village Drive Apartments offers a mix of ten one-bedroom/one-bathroom units, 14 two-bedroom/one-bathroom units and six three-bedroom/one-and-one-half bathroom units.

Carlmont Park Apartments Trades For the First Time in Three Decades

            Levin Johnston also directed the sale of Carlmont Park Apartments, a 22-unit multifamily community in Belmont, California for a total consideration of $8,998,000.

Originally constructed in 1962, Carlmont Park Apartments, 1230 Alameda De Las Pulgas offers a mix of studio and one-bedroom floorplans in Belmont, CA
 “This transaction was a rare opportunity to bring an asset to market that had been under the same ownership for more than 30 years,” says Johnston.

“Trades like these are unique, and represent the tremendous value creation that is still available to multifamily investors in the Mid-Peninsula market.”

Originally constructed in 1962, Carlmont Park Apartments is situated on 0.56 acres of land and offers a mix of studio and one-bedroom floorplans.


Alex Caswell / Jenn Quader 
Brower Group
(949) 438-6262

The Preiss Co. and a Private Real Estate Fund Advised by Crow Holdings Capital Acquires 500-bed Aspen Heights Student Housing Complex near Clemson University in Clemson, SC

Susan Folckemer

CLEMSON, SC and RALEIGH, NCOfficials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital,  announced the acquisition of the 598-bed student housing complex, Aspen Heights, for an undisclosed amount. 

Serving Clemson University, the property has been rebranded The Collective at Clemson and is undergoing major upgrades.

“Year-to-date, we are averaging nearly one major transaction a month and believe the second half of 2019 will be as robust as the first half,” said Susan Folckemer, TPCO chief acquisitions & development officer. 

Adam Byrley

“We continue to see favorable investment opportunities in markets across the country and have the most active pipeline ever in our 32-year history.”

The significant upgrade program will have special emphasis on enhancing the clubhouse, the complex’s social and study center, as well as improving amenities.   Other improvements include flooring upgrades and new furniture in select units, as well as painting the exterior.       
“We have a long and successful history with the Clemson University student community,” said Adam Byrley, chief operating officer, TPCO. 

John Preiss
 “We have served students there since 2002 and know their housing, amenity and social preferences.  We have tailored our proprietary operation programs to fit their needs. 

"With strong academic programs and high visibility athletics, Clemson currently is ranked 24th among all public universities by U.S. News & World Report, which bodes well for continued enrollment growth.”

Situated at 673 Old Greenville Highway in Clemson, the property consists of a collection of cottages and townhouses surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplaces and full-court volleyball and basketball courts. 

A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center. 

Aspen Heights, a 598-bed student housing complex at 673 Old Greenville Highway in Clemson, SChas been rebranded
The Collective at Clemson 

The complex offers two-, three-, four- and five-bedroom floor plans, each providing a private bedroom, bathroom and ample closet space. 

 The open space layout features a living room and spacious kitchens with granite countertops, black appliances and shaker-style cabinets.  Linen closets and extra storage are provided, as well as a full-sized washer and dryer.

“We have passed the half billion-dollar mark in transactions for a single year in record time and believe we will exceed our previous record year of acquisitions, dispositions and development in the third quarter,” said John Preiss, chief investment officer, TPCO.\

 “We have a strong group of institutional investors with whom we have built trust and great working relationships.  Together we continue to see excellent growth opportunities in student housing.”


Amy Barger
 Vice President of Public Relations
The Preiss Company
(919) 532-1114