JLL closes $766 million sale of 12-property, 2.3-million-SF office portfolio in the Washington, DC metropolitan area.

 

Stephen Conley

WASHINGTON, DC– JLL announced its Capital Markets group has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in the Washington, D.C. metropolitan area.

 JLL represented the seller, WashREIT, accelerating WashREIT’s transformation into a multifamily-focused REIT.

 The portfolio sale consists of six office properties across Northern Virginia and six in Washington, D.C.’s central business district.

Matt Nicholson

 

JLL’s Capital Markets team representing the seller was led by Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece.

 “We greatly appreciated the opportunity to work with WashREIT on this transformative transaction and taking the lead on reopening the Washington, D.C. marketplace,” Conley said.

 JLL’s Capital Markets group 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 advisory, debt placement, equity placement or a recapitalization.

Jim Meisel

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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  About WashREIT

WashREIT owns and operates real estate assets in the Washington, D.C. market.

Backed by decades of experience, expertise, and ambition, the firm creates value by transforming insights into strategy and strategy into action.

Andrew Weir

WashREIT’s portfolio of 31 properties includes 7,059 multifamily apartment units and approximately one million square feet of commercial space.

 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 $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021.

Dave Baker

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

 

 

  

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Kristen Murphy

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JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

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Kristen.Murphy@am.jll.com

 jll.com

 

 

IMG Expands to South Carolina with Acquisition of 242-Unit Greenville Asset

 

Andrea Howard

 Greenville, SC — Investors Management Group, Inc. ("IMG"), a California-based real estate investment and asset management firm, has acquired its first apartment community in South Carolina.

 

 The company purchased Tapestry at Hollingsworth Park, a 242-unit asset built in 2013 and located at 201 Rocky Slope Road in Greenville for an undisclosed price.

IMG now owns 16 apartment communities across the U.S. Sun Belt region (3,700 units) valued at $625 million.

Neil Schimmel

Nationally the company owns 4,300 units ($750 million). The firm has acquired more than $340 million in apartment assets since the start of the pandemic, bolstering its multifamily portfolio across the country.

“While our entry into the Greenville market was multiple years in the making, discussions started heating up earlier this year,” according to Neil Schimmel, Founder-CEO of IMG.

 

 "There's an oncoming surge of investor interest in multifamily projects in the beltway between Charlotte and Atlanta. The Greenville market is leading the recovery in terms of economic growth and population gains. These were the top drivers behind this deal."

Tapestry at Hollingsworth Park is located within Verdae, the largest Master Planned Urban Community in Greenville's history, minutes from Interstate 85 and the city's thriving downtown.

 

Tapestry offers a resident clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, salt water pool with cabana, and car care center.

Tapestry at Hollingsworth Park,  
a 242-unit, 19-building  asset built in 2013
  at 201 Rocky Slope Road in Greenville, SC

 

Tapestry at Hollingsworth Park  encompassing a mix of one- two- and three-bedroom floor plans averaging 1,105 square feet.

IMG's value-add business plan will improve the asset through upgrades to unit interiors and community amenities.

Freddie Mac financing was secured through NorthMarq. Andrea Howard, Managing Director of NorthMarq's nationally ranked Multifamily Investment Sales team, represented the Buyer and Seller.

 

 

  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)

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