Saturday, April 25, 2020

JLL closes $65.9 million sale of 320-unit Durham, NC apartments

Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham, NC submarket 

CHARLOTTE, NC – JLL Capital Markets announced has closed the $65.9 million sale of Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham submarket of Durham, North Carolina.

Andrea Howard 

 JLL marketed the property on behalf of the seller, a joint venture between Boston-based The Davis Companies and Gemini Partners, LLC, and procured the buyer, Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.

Jeff Glenn 
 The Lodge at Croasdaile Farm is situated on nearly 40 acres at 3130 Hillandale Road within the Croasdaile Farm master-planned community, which features a median home price of nearly $525,000.

Completed in 2019, the three-phase property consists of a mix of one-, two- and three-bedroom garden-style flats and two- and three-bedroom townhome units totaling 340,160 rentable square feet.

Community amenities include a resort-style saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a leash-free bark park.

 Allan Lynch

Residents also have direct access to premium lifestyle amenities, including Croasdaile’s extensive paved greenway system and the trails surrounding Crystal Lake, as well as access to nearby Interstate 85, which provides connectivity to the MSA’s largest employers in Downtown Durham, Duke University and Duke Medical Center.

 The JLL Capital Markets team representing the seller was led by Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch, Directors Caylor Mark and John Currin along with former Managing Director Justin Good.

“Recent deliveries in the Durham sub-market are urban infill developments,” said Blair Booth, one of the development partners involved with the project.

Caylor Mark 
“The cost to deliver and rent these projects have priced out a large portion of the rental demographic. 

"Our goal was to develop a close-in, Class A property with competitive finishes at a cost and price point well below our infill competitors.

"The vigorous lease-up and strong rental rates exceeded our expectations and supported the need for quality workforce housing in Durham.”

 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.

John Currin
 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.

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

Justin Good
JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

For further information, please visit

About The Davis Companies

The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $6.2 billion in gross asset value through real estate equity, debt and fixed-income securities.

 A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities.


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

JLL closes $9.5 million sale of 285.5-acre campus in Oregon's Willamette Valley wine region

Evergreen Space Museum
    Willamette Valley’s wine region, Oregon

PORTLAND, OR – JLL Capital Markets announced it has closed the $9.5 million sale of a 285.5-acre campus that houses the Evergreen Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, approximately 220 acres of established vineyards and farmland and a development site designed to accommodate a 99,000-square-foot hotel all within a Qualified Opportunity Zone in Oregon’s famed Willamette Valley’s wine region.

JLL marketed the property on behalf of the seller, Salt Lake City-based Falls Event Center LLC. McMinnville Properties LLC, which is owned by Bill Stoller of Stoller Wine Group, purchased the asset.

William H. (Bill) Stoller
A native of nearby Dayton, Ore., Stoller is committed to the property for the long haul and has a distinct vision for it. 

First and foremost, he plans to bring stability to a campus that has faced distinct challenges in years’ past. 

The nonprofit Evergreen Aviation and Space Museum will maintain its lease of the exhibit buildings, while the new owners have upgrades already planned for the water park and see future potential related to the hotel development site.

The five-parcel property has been a Wine Country tourist attraction since the original aviation portion of the museum, which was not included in the sale, welcomed its first guest in 1991. 

The 120,000-square-foot Evergreen Space Museum building was added in 2008 and greatly expanded park offerings and exhibits. 

The Wings & Waves Waterpark, which is Oregon’s largest waterpark, is an all-season, family-friendly destination that was added to the site in 2011 and offers 10 slides, including four that originate inside a roof-mounted 747, and a 91,000-gallon wave pool. 
Adam Taylor

A former chapel known as The Lodge has a 150-person capacity and offers event space with a log cabin aesthetic complete with burning fireplace, while the established agricultural land has a mix of vines and feed grass that is harvested by a third party. 

The 6.96-acre development site is entitled for a 96-key hotel with an indoor swimming pool, restaurant, fitness center and parking. 

Two additional buildings, including the museum structure that houses the famous Spruce Goose, Howard Hughes’ wooden airplane, and a theater building was not included in the sale.

The campus is located at 500 Northeast Captain Michael King Smith Way. The property is 23 miles southwest of Portland and 30 minutes north of Salem off East Salmon River Highway 18 just east of McMinnville, Oregon.

Buzz Ellis
The JLL Capital Markets team representing the seller was led by Director Adam Taylor and Managing Director Buzz Ellis.

“The Stoller’s acquisition of this landmark property is a welcome bit of positive news in a challenging time,” Taylor said. 

“The portfolio was very well-received by the investor community, and the fact that it will remain in operation as a unique destination for locals and visitors alike is the ideal outcome for the local and regional economy.”

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


Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420

Edward Mayer Promoted to Principal in Newark, NJ Office of Ware Malcomb

 Edward Mayer

NEWARK, NJ – Ware Malcomb, an award-winning international design firm announced Edward Mayer has been promoted to Principal, Architecture in the New York and Newark offices.

 In this position, Mayer is responsible for the overall leadership and growth of the Architecture Studios for the Northeast region.

Kenneth Wink
“Ed’s 25+ years of architectural experience and strong management skills have been a tremendous asset to Ware Malcomb’s Northeast regional operations,” said Kenneth Wink, Chief Executive Officer of Ware Malcomb.
“His leadership has led to the continued expansion of our services in multiple states throughout the region. We congratulate Ed on his success and well-deserved promotion to Principal.”
A licensed architect in New York and New Jersey, Mayer joined Ware Malcomb in 2016 as Studio Manager, Architecture for the firm’s New Jersey office. 
For more information, please visit and view Ware Malcomb’s Brand Video at


Rachel Devany
VP Public Relations
 KCOMM for Ware Malcomb

Maureen Bissonnette
 Associate Principal, Marketing