Equity secured to develop Dockside mixed-use lakeside student housing in Clemson, SC

 

Teddy Leatherman

DALLAS, TX – JLL Capital Markets announced it has arranged $23.335 million in joint venture equity for the development of Dockside Clemson, a to-be-built, lakefront 630-bed student housing community serving Clemson University in Clemson, South Carolina. 

 JLL worked on behalf of Fountain Residential Partners to secure the equity through CrowdStreet, Inc.

 Jeremy Sain 

 Anticipated to deliver in fall of 2022, Dockside Clemson will offer 200 student housing units in four-story residential structures alongside 22,164 square feet of ground floor retail.

Units will be available in studio, one-, two-, three- and four-bedroom layouts averaging 1,206 square feet each.

Dockside will offer an upscale living experience with fully furnished units, each offering a private bathroom per bedroom, high speed internet, walk in closets and 55” HD flatscreen tv’s in the living areas.

 Additionally, the retail space will boast two signature restaurants. Community amenities will include a fitness center, pool, parking, tech lounge, dock access and live music along the lake front.

 Dockside Clemson sits on approximately 460 feet of waterfront on Lake Hartwell and is the only student housing community with waterfront access in Clemson.

Scott Clifton

Situated less than one mile north of Clemson Tiger’s famous “Death Valley” football stadium, the property exceptional visibility along Tiger Boulevard and Highway 123 and offers direct access to the CATbus Seneca Express Line with service to campus and the surrounding communities.

 Stuart Roosth Architects designed the property, with LRK providing planning services. Kimley-Horn is the civil engineer, with Sherman Construction as the general contractor.

 The JLL Capital Markets team representing Fountain Residential Partners was led by Managing Director Jeremy Sain and Directors Teddy Leatherman, Scott Clifton, Stewart Hayes and John Gavigan.

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

Stewart Hayes 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales 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 our newsroom.

 

About Fountain Residential Partners, LLC

Fountain Residential Partners, LLC is a privately held Dallas-based multifamily real estate development, acquisition, and asset management company. 

 John Gavigan

Fountain Residential is managed by seasoned real estate professionals that have a combined experience of over 60 years in the industry having completed over $1.5B in student housing projects.

 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. 

JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. 

Dockside Clemson, a planned lakefront 630-bed student housing
 community serving Clemson University in Clemson, SC 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 CONTACT:

  Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

MCA Realty Enters Puget Sound with its First Acquisition in Lakewood, WA

Rebecca Perlmutter

 

Lakewood, WA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has acquired Lakewood Business Park, a 136,350 square-foot multi-tenant industrial asset in Lakewood, Washington, within the Puget Sound metro area.

Lakewood Business Park, Lakewood, WA

 The firm acquired the property for $18.2 million.

 According to Tyler Mattox, Principal at MCA Realty, this is the firm’s first acquisition in the state of Washington.

Tyler Mattox

 “We have been active in multiple areas throughout the Western region over the last several years, including California, Arizona and Nevada,” says Mattox. 

“With this acquisition, we are now expanding our portfolio into Washington state and plan to continue to expand our presence in the Pacific Northwest.”

 The property is located at 10107 South Tacoma Way in Lakewood, Washington. MCA would like to thank Rebecca Perlmutter, Monte Decker and Eric Cox with CBRE for their assistance in this transaction.

 “Many areas throughout the Pacific Northwest have emerged as top performing markets over the last several years, including Tacoma,” explains Mattox.

Monte Decker

 “The Tacoma submarket is one of the tightest industrial submarkets in the region with sub 4% vacancy rates. 

"Lakewood Business Center is located less than eight miles from the Port of Tacoma, which handles more than 10 million tons of cargo annually with an approximate value of $25 billion.

 MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.

Jared Gordon

Lakewood Business Center is also located less than 2 miles from the active joint army and air force base Lewis-McChord, which has a daytime population of more than 150,000 people and is the fourth largest military base in the U.S. 

The property’s close proximity to both the port and military base will contribute to long-term tenant demand and made it an attractive investment for MCA.”

Lakewood Business Center consists of six buildings with a total of 36 units. Prior to purchase, the property was approximately 80% leased.

“During the escrow period, we were able to increase occupancy at the property to approximately 95%,” says Mattox. “This speaks to our hands-on style as an owner and operator, as well as the strength of the leasing market.”

Peter Cheng

MCA Realty plans to continue to lease remaining vacant space and implement a series of strategic improvements to enhance the property’s overall value.

“The property is in good condition with the exception of some deferred maintenance,” explains Mattox. “We plan to address all deferred maintenance, as well as upgrade the roof, parking lot, paint and landscaping. We also plan to make some interior improvements to select units at the property.”

Mattox also notes that part of the acquisition was an acre of undeveloped land adjacent to the property that has not been fully utilized.

“We plan to grade, add gravel and fence the parcel of land so that it can be used as additional outdoor storage,” says Mattox. “This will create an additional revenue stream for the property going forward.”

 CONTACT:

Katie Haga 

 Associate Account Executive 
O 949 438 6262 

 www.mca-realty.com.