$36M financing arranged by JLL Capital Markets for Berkeley student housing community in Berkeley, CA

 

Annie Rice 

LOS ANGELES, CA –  JLL Capital Markets has secured a $36 million acquisition financing for Varsity Berkeley, a mid-rise student housing complex.

Varsity Berkeley, Berkeley, CA

JLL worked on behalf of the borrower, Hawkins Way Capital LLC, in acquiring the two-year, floating-rate loan through Limekiln Real Estate Investment Management.

 

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Brandon Smith and Annie Rice and Director Gyasi Edmondson.

 

 Brandon Smith

The property will be operated as the FOUND Study Downtown Berkeley and will be managed by FCL Management, an operator of successful properties across select cities in the U.S., aligning with Hawkins Way Capital's strategy to maximize value in prime student housing markets.

 

Varsity Berkeley, located at 2024 Durant Ave., is situated just two blocks from UC Berkeley, a thriving campus with over 45,000 students and a recent 26.2% surge in enrollment.

                                                   Gyasi Edmondson

 

This prime location offers exceptional accessibility to a diverse array of shops, galleries, restaurants, theaters and community venues, boasting both a Walk Score and Bike Score of 96. The property's convenient setting also places residents only 15 miles from San Francisco, easily accessible via BART.

 

Berkeley's real estate market is characterized by high demand and limited supply, with over 60% of households renting and average home prices reaching $1.5 million.

 

This competitive environment, coupled with Berkeley's proximity to major employment hubs and the prestigious UC Berkeley campus, has resulted in consistently low vacancy rates below 5% and strong annual rent growth exceeding 3.5% since 2018, making it an attractive location for real estate investment.

 

Ross Walker

 

"We are thrilled to have secured financing for Varsity Berkeley, a prime student housing asset in one of the nation's most competitive real estate markets. This acquisition, marking our company's fifth in Northen California, aligns perfectly with our strategy to create strategic value in markets where student housing demands continue to grow,” said Ross Walker, Managing Partner of Hawkins Way Capital. “We're confident that FCL Management's expertise will help us unlock the full potential of this high-performing property as we continue to expand our portfolio."

 

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

 

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

 

 

CONTACT:

 

 Gréta Kieras,

 Senior Associate

 Public Relations

Phone: +1 949 930 8498  

Email: greta.kieras@jll.com

JLL capitalizes Arapaho Village acquisition with joint-venture equity and senior financing in Richardson, TX

 

Kristi Leonard

DALLAS, TX –  JLL Capital Markets announced has secured joint-venture equity and acquisition financing for Arapaho Village, a 101,507-square-foot grocery-anchored shopping center in Richardson, Texas. Financing details were not disclosed.

 

Steve Heldenfels

JLL represented Weitzman and secured the equity commitment and separately arranged the six-year, fixed-rate acquisition loan with an insurance company.

Located at 801-819 W Arapaho Rd., Arapaho Village benefits from its strategic position at the signalized southwest corner of Arapaho Road and West Shore Drive. 

The property is situated in Richardson's thriving retail submarket, approximately one mile from SR-75 and three miles from I-635.

 

Built in 1990, Arapaho Village is 91.9% occupied. 

Chris Gerard

The center is anchored by Tom Thumb, which recently extended its lease through 2030 and invested significant capital in store improvements. Other notable tenants include WellMed Medical Management, Anytime Fitness, UPS, Painting with a Twist and H&R Block.

 

JLL Capital Market’s Advisory team was led by Managing Director Steve Heldenfels, Senior Managing Director Chris Gerard, Director Kristi Leonard, Associates Ryan Pollack and Keenan Ryan and Analyst Campbell Swango.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ryan Pollack

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. 

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 Weitzman

Keenan Ryan 

 Weitzman is Texas's premier retail-focused commercial real estate firm with offices across major cities in the state. The company offers comprehensive services including brokerage, property management and development along with detailed market reports that provide in-depth insights into the Texas retail real estate landscape.

 

 

 

 

 

 

CONTACT:

 

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets Las Vegas,  NV  T +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877 us.jll.com/capitalmarkets Jones Lang LaSalle Americas, Inc. a licensed real estate brokerage company. ​CA RE license #01223413