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| Calhoun Gardens, Calhoun, GA |
ATLANTA, GA – JLL Capital
Markets announced it has closed the final transaction of a 20-property
Project-Based Section 8 (HAP) portfolio sale totaling 1,763 units and $106
million across Georgia, North Carolina and South Carolina.
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| Doug Childers |
JLL marketed the property on behalf of the seller, Ambling.
Preservation Partners Development; Infinity Real Estate Advisors, LLC; and
Jonathan Rose Companies each acquired parts of the portfolio.
“Ambling has a deep history of developing
and preserving best-in-class affordable housing communities throughout the
Sunbelt, and this portfolio sale represents a culmination of those efforts”
said Mike Godwin, CEO, Ambling.
“We were excited to work with a group of
buyers who were equally committed to preserving the portfolio’s long-term
affordability.
"We are thankful for the deal team’s collective efforts,
including each buyer, as well as the successful process facilitated by the JLL
Affordable Housing Team.”
Preservation Partners Development purchased 12 communities in
Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle
Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens
in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald;
Forsyth
Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in
Macon; Statesboro Summit in Statesboro and Burkestone Place in Waynesboro.
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| Mike Godwin |
Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville
Gardens and Forsyth Gardens are currently in the middle of a substantial
rehabilitation, that will include updated interiors as well as updated and
improved community spaces for residents.
Infinity Real Estate Advisors, LLC acquired two North Carolina
properties, Fayetteville Gardens in Fayetteville and Salem Gardens in Salem,
and five South Carolina communities, Anderson Village in Anderson, Phoenix
Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin and
Seneca Gardens in Seneca.
 |
| Michael Fox |
The JLL Capital Markets team representing the seller was led by
Senior Managing Director and co-head of JLL Affordable Housing Doug Childers
and Director Michael Fox along with Senior Managing Director Ryan
Clutter.
“The sale of the Ambling Portfolio represents an essential
preservation of affordable housing, made possible by the tremendous, collective
efforts of the Ambling team and each respective buyer Childers, said.
“The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies and HUD, the result of which was an accretive outcome for all parties involved.”
“The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies and HUD, the result of which was an accretive outcome for all parties involved.”
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.
 |
| Ryan Clutter |
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 our newsroom.
Deal
secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL
on July 1, 2019.
Contact:
Kimberly
Steele
JLL
Senior Associate
Public Relations
Phone: +1 713 852 3420
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