Wednesday, October 9, 2019

JLL closes sale of Southwest Houston, TX apartments

144-Unit Mark VI apartments in Southwest Houston’s affluent Bellaire submarket

HOUSTON, TX  JLL announced it has closed the sale of Mark VI, a 144-unit, value-add multi-housing community in Southwest Houston’s affluent Bellaire submarket.

JLL marketed the property exclusively on behalf of the seller, AK Interests, and procured the buyer, Indus Management Group.

Bailey Crowell

Mark VI, which will be renamed The Atrium at 5606, is situated on approximately four acres at 5606 Bissonnet Street near Houston’s largest employment centers, including the Galleria area, Texas Medical Center and downtown, as well as the city’s top lifestyle amenities. 

Originally constructed in 1970, the property consists of 59% unrenovated and 41% partially renovated units, which average 887 square feet.

 The community is zoned to Bellaire High School, which was ranked as the No. 4 Best High School in the Houston Independent School District. 

Joey Rippel 

Community amenities include a swimming pool with poolside lounge area, six landscaped courtyards with seating, on-site laundry facilities and covered parking.

“We are excited to uplift another community in the area by introducing The Atrium at 5606, formerly known as Mark VI Apartments,” said Manu Gupta, managing director of Indus Management Group. “This will be our fourth acquisition in the submarket."

Manu Gupta

The JLL Capital Markets team representing the seller was led by Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.

“Mark VI is a great acquisition for fresh capital to achieve value-add returns,” Young said. “It is a very well-maintained, 1970s vintage asset with a long runway for value-add, which is supported by a more than $1,000 rent gap compared to new construction in the submarket.

Chris Young

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


 Olivia Hennessey
 JLL Public Relations Specialist
Phone: +1 713 852 3403

JLL closes sale of Alpharetta City Center in Alpharetta, GA

Alpharetta City Center, Downtown Alpharetta, GA

ATLANTA, GA JLL announced it has closed the sale of Alpharetta City Center, a unique heritage-based, mixed-use residential and retail property in downtown Alpharetta, Georgia.

JLL marketed the asset exclusively on behalf of the sellers, South City Partners and Morris & Fellows. CBRE Global Investors purchased the property on behalf of a separate account client.

 Margaret Caldwell

Alpharetta City Center consists of 82,700 square feet of high-end boutiques and chef-driven restaurants and 168 elite residences finished to bespoke quality within a multi-housing community called Amorance

The property is adjacent to Alpharetta City Hall, the Fulton County Library, Brook Street Park and Town Green, and is the trailhead of the new Alpha Loop trail system. Designed to blend with the historical architecture in downtown Alpharetta, the project contains three components.

Margaret Jones

Amorance, developed by a partnership of South City Partners and Morris & Fellows, is a two-building luxury community with a mix of one- and two-bedroom floor plans, averaging 1,067 square feet. 

David Gutting

Completed in 2018, the property features a penthouse-level clubroom with outdoor patio, catering kitchen and communal living room with fireplace and TV; pool courtyard with grilling area, fire pit and lounge seating areas; and expansive fitness center with yoga and spin rooms.

The District, a 41,650-square-foot collection of local boutiques and luxury service providers sits at street level below the apartments.

The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants in two and a half acres of parks and green spaces spanning three city blocks of Main Street. The retail and restaurants are 100% leased.

Derrick Bloom

The JLL Capital Markets team representing the seller was led by Managing Directors David Gutting, Margaret Caldwell (now with Arden Capital Advisors) and Derrick Bloom and Vice President Margaret Jones.

“Alpharetta City Center was a unique opportunity for an investor to own the impossible – an irreplaceable slice of Downtown Alpharetta that will continue to appreciate dramatically throughout CBRE Global Investors’ ownership,” Gutting said.

“As we anticipated, Alpharetta City Center received significant interest from institutional investors,” Caldwell added. “This is the type of trophy asset that most investors want in their portfolio due to the location, high-end residential, boutique retailers and local restaurants.”

Mark Randall 
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 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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

John W. Long

About South City Partners

South City Partners is a fully integrated multi-family development company focused on creating extraordinary residences in distinctive communities while providing its partners with solid returns. 

South City is founded by friends Mark Randall and John Long, who share a keen eye for quality design, flawless execution and a history of creating and empowering great teams that build highly regarded projects and communities. South City, formed in 2011 is headquartered in Atlanta, Georgia. 

Cheri Morris (photo by Steve Schaefer)

Morris & Fellows

Founded in 1980 by Cheri Morris, Morris & Fellows initially guided investors, institutions and city governments on strategic planning of retail-based commercial real estate. 

In 2000 the firm began developing upscale mixed-use communities on its own behalf. Over the years, the firm worked on some of the western hemisphere’s most noteworthy properties, including Colonial Williamsburg, Georgetown Park in Washington D.C., Toronto’s Eaton Centre, Tyson’s Corner, Rosemary Beach, Lime Grove in Barbados, and The Summit in Birmingham.

 Current projects include Woodstock City Center and Alpharetta City Center, both structured as public/private partnerships with their host cities. 

Aerial of Alpharetta City Center, Downown Alpharetta, GA

Olivia Hennessey
 JLL Public Relations Specialist 
Phone: +1 713 852 3403

JLL completes $20 million sale of landmark office building in Sacramento, CA

1130 K Street Office Building, Government Affairs District, Sacramento, CA

SAN FRANCISCO, CA  JLL announced it has closed the approximately $20 million sale of 1130 K Street, a historic landmark office building totaling 140,908 square feet in Sacramento, California.

JLL marketed the property on behalf of the seller, UC Regents, and procured the undisclosed buyer.

Cheri Pierce
Constructed in 1924 as the original Weinstock’s department store, 1130 K Street features a Romanesque four-story high arched entranceway and a half-dome colonnade window line spanning the fourth floor.  

The property is approximately 30% leased to a variety of public and private tenants with the largest tenant being UC Regents. 

Kristina Wollan
 Located within Sacramento’s vibrant Government Affairs District,1130 K Street is proximate to the State Capitol as well as a myriad of amenities, including restaurants, cafes, hotels and entertainment venues located along K Street or in the Kay District.  

Erik Hanson
Additionally, the historic property is only four blocks from the growing Arena District that is home to Golden 1 Center, DOCO and numerous new residential units either planned or under construction. 

 Michel Seifer

 1130 K Street is positioned within a designated Qualified Opportunity Zone, established as part of the Federal Tax Reform passed in 2017.

The JLL Capital Markets team representing the seller was led by Erik Hanson, Rob Hielscher, Michel Seifer, Cheri Pierce, Kristina Wollan and Nick Deaver.

Rob Hielscher
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                         


Kristen Murphy
 JLL Director, Public Relations
Phone: +1 617 848 1572