Wednesday, July 3, 2024

JLL Capital Markets facilitates the $80 mllion sale of a 296-unit apartment community in Mount Laurel, NJ

 

Lisa Daily

PHILADELPHIA, PA – JLL Capital Markets announced the $80 million sale of Mount Laurel Crossinga 296-unit apartment community located in Mount Laurel, New Jersey.

 JLL represented the seller in this transaction, while Colony Hills Capital, based in Wilbraham, Massachusetts and Balfour Beatty acquired the multifamily asset.


Samantha Kupersmith

Mount Laurel Crossing, built in 1999, is currently at 98% leased, offering a diverse selection of one-, two- and three-bedroom units, with an average size of 944 square feet. 


Residents of Mount Laurel Crossing enjoy a range of amenities, including a resort-style swimming pool, an outdoor lounge area with a fire pit, a dog park, a clubhouse with a business center, detached garages, a 24-hour fitness center and BBQ grills. 


                      Fran Coyne

Tenants are also within walking distance of the community association's park, which offers tennis courts, pickleball courts, basketball courts, a baseball field, an open field and a children's play area.

 

Conveniently located at 1 Larchmont Place, the property also provides superior access to major employment hubs and entertainment destinations with close proximity to major roadways serving South Jersey, such as Routes 38, 70, 78, Interstate 295 and the New Jersey Turnpike.


 Carl Fiebig


Additionally, Mount Laurel and the Burlington County submarket have consistently demonstrated strong rental performance in recent years. 


The submarket's robust fundamentals are further bolstered by the presence of prominent regional employers such as Joint Base McGuire-Dix-Lakehurst, TD Bank, Freedom Mortgage, Automotive Resources International and more.

 

“We are thrilled to add this community to our multifamily portfolio. Mount Laurel Crossing’s neighborhood appeal coupled with the economic diversity and strength of the greater MSA makes this a perfect fit for our investment strategy,” said Lisa Daily, SVP of Multifamily Acquisitions for Balfour Beatty.

 

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Fran Coyne, Carl Fiebig and Jose Cruz alongside Managing Director Mike Oliver, Senior Director Samantha Kupersmith and Director Tyler Margraf.


Jose Cruz

"We are thrilled to have facilitated the $80 million sale of Mount Laurel Crossing," said Coyne. "This transaction underscores the strong desirability of the Mount Laurel submarket and the appeal of well-maintained, amenity-rich multifamily properties."

 

“The opportunity attracted a diverse mix of private and institutional capital, resulting in a highly competitive sale process,” added Fiebig.

 

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 and advisory, debt advisory, equity advisory or a recapitalization.

 

Mike Oliver
The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

About Colony Hills Capital


Colony Hills Capital is a real estate investment company focused on the acquisition, ownership and management of value-add garden style multifamily properties in primary and secondary markets; investments that improve our resident’s lifestyles and provide consistent returns for our investors.


Tyler Margraf

About Balfour Beatty


Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow. 


We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.

 

Contact:

 Grace Lewis

PR, Capital Markets

JLL

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478


Peachtree Group Wins Multiple Marriott Select Brands Awards During Ceremony

Shara Roddan

ATLANTA, GA – Peachtree Group (“Peachtree”) announced that it received multiple Marriott Select Brands (MSB) Awards during this year’s Marriott Select Brands Owner & Franchisee CONNECT Conference in Orlando, Fla. The awards recognize hotels that demonstrate outstanding service, innovation and commitment to guest satisfaction.

 

“These awards are a testament to the exceptional work our hotel associates deliver every day,” said Steve Mackenzie, Peachtree’s senior vice president of operations, hospitality management.


Steve Mackenzie


 “These hotels have consistently excelled in guest and F&B satisfaction, setting a benchmark for unparalleled service, and we are proud to have them as part of the Peachtree family. Additionally, we extend our gratitude to our partners who entrust us with managing their properties.

 

"Their collaboration has been instrumental in achieving these accolades, showcasing our shared commitment to superior quality.”

 

The award winners include:

 

Platinum Circle

  • SpringHill Suites Lindale, Texas

Gold Circle

  • Fairfield Inn & Suites Gadsden, Alabama
  • SpringHill Suites Dallas Rockwall, Texas
  • TownePlace Suites Dallas Rockwall, Texas

Silver Circle

  • Courtyard by Marriott Indianapolis Plainfield, Indiana
  • SpringHill Suites Vero Beach, Florida

F&B Satisfaction

  • SpringHill Suites Lindale, Texas

“Every recipient of these awards embodies the essence of Peachtree’s mission, showcasing outstanding excellence, strong leadership and a relentless dedication to serving our guests, partners and communities,” said Shara Roddan, vice president of operations, hospitality management.

 

 

Contacts:

 

CharlesTalbert 

678-823 7683

ctalbert@peachtreegroup.com

 

 

Chris DalyPresident

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

www.peachtreegroup.com.

 

Subtext to Bring Elevated Student Living to the University of South Carolina with 'VERVE Columbia'

  


Rendering of VERVE Columbia to be constructed
on 
3.84 acreslocated at 450 Blossom Street in Columbia, SC

Columbia, SC – Subtext, a national student and multifamily real estate company, recently acquired 3.84 acres located at 450 Blossom Street in Columbia, S. C., for the construction of VERVE Columbia.

 The four-story student housing community is located along one of Columbia’s main thoroughfares and is two blocks from the University of South Carolina (USC) campus. Site work is underway and construction will be completed in fall 2026.

 

The 233-unit, 412,959-square-foot student apartment community will offer a mix of studio, one-, two-, three-, four-, and five-bedroom layouts, totaling 697 beds.


Brandt Stiles


 Featuring over 16,000 square feet of shared spaces, VERVE Columbia is designed to provide residents with all they need to achieve their personal and academic goals.

 

Amenity highlights include an outdoor sport court, game lounge, content creation studio, study pods, open study and private conference rooms, resort-inspired pool courtyard with cabanas and grilling, and fitness center complete with cardio/strength gym, sauna, meditation rooms, and yoga studio. 

 

Located at the corner of Blossom and Huger Streets, VERVE Columbia will occupy a coveted pedestrian location in the path of planned campus expansion to the west, and is positioned to benefit from increased student density, traffic, and activities.

 

The property is also located across the street from Founders Park, where the USC Gamecocks baseball team plays home games.

 

“We’re excited to expand our portfolio to the University of South Carolina market. With steady enrollment growth over the last 10 years, accelerating in recent years, there is an increased demand for elevated student housing,” said Brandt Stiles, Founding Partner, Subtext.

 

“USC is one of those quintessential college towns, and we have crafted this VERVE community within the context of the local environment—rich in history and tradition, but reimagined for the Gen Z audience.”

 

The VERVE Columbia architecture was designed by Dynamik Design and complemented with interior design by Mary Cook Associates. Other development team partners include W. M. Jordan Company, general contractor; Davis & Floyd, engineer, and CIBC, lender.

 

 

CONTACT:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 subtextliving.com.