JLL Capital Markets arranges $31 million construction loan for 1115 Dahlia Street, a new co-living multi-housing development at The Parks at Walter Reed in Washington, DC

Susan Carras

 

 WASHINGTON, DC, Sept. 17, 2021 – JLL Capital Markets announced today that it has arranged $30.855 million construction financing for the development of 1115 Dahlia Street at The Parks at Walter Reed (“1115 Dahlia Street”), a 248 bed, 60-unit, purpose built co-living multi-housing development with 21,000 square feet of ground-floor retail in Washington, D.C.

 

Jamie Leachman

JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group, to secure the three-year, floating-rate loan with two one-year extension options through Santander Bank NA and TriState Bank.

 1115 Dahlia Street will offer fully furnished two-, three-, four- and five-bedroom units averaging 1,397 square feet.

The property will be managed by Common Co-Living offering online payments; 24/7 support via phone, email and text; digital locks with smartphone interface; a repair and maintenance team; and comprehensive financial reporting.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.

Evan Parker 

“1115 Dahlia Street will be one of the largest purpose built co-living projects in Washington, DC and the first within The Parks at Walter Reed,” said Leachman. 

“This emerging asset class will provide residents yet another Class A yet cost efficient option for residents who will also be able to enjoy all the benefits that come with living within this premier master planned development.”

1155 Dahlia Street is one of three buildings that comprise the vibrant Parks Market Place that will offer shops, restaurants and retail amenities, including a 60,000 square foot Whole Foods Market.

Andrew Lewis.

The Parks Market Place will feature a fountain/splash pad, public art, landscaped areas, seating and dining tables and fire pit and lounge area.

 The community will also host movies, farmers markets, concerts, food truck rallies, group fitness classes and ice rink and holiday tree lighting.

 Located at 1155 Dahlia St., the upscale co-living project is located within The Parks at Walker Reed master-planned community.

The community will include 3.1 million square feet of mixed-use development across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station.

Additionally, the property is served by eight metrobus routes. The property is five miles from both the Washington, D.C. CBD and downtown Bethesda and 1.5 miles from downtown Silver Spring.

1115 Dahlia Street at The Parks at Walter Reed,
  a 248 bed, 60-unit, purpose built co-living
multi-housing development with
21,000 SF of ground-floor
retail in Washington, DC.

The community is three miles from Capital Beltway (Interstate 495) offering direct access to the entire Washington, D.C. and Baltimore metropolitan region and rail connections such as Amtrak, MARC and VRE trains.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

Contact:

 

 Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 jll.com.

 

JLL Capital Markets closes sale of 91,535-SF Prairie Point Shopping Center in Aurora, IL

Amy Sands 

CHICAGO, IL – JLL Capital Markets  has closed the sale of Prairie Point Shopping Center, a 91,535-square-foot neighborhood shopping center anchored by Mariano’s Fresh Market in the Chicago-area community of Aurora, Illinois.

 JLL advised the seller, Walton Street Capital.

 

Prairie Point Shopping Center is anchored by Mariano’s Fresh Market, a Midwestern grocery store chain that is part of the Kroger family of companies, and is also home to a variety of national and regional tenants, including Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery.

 

Clinton Mitchell 

Situated on 10.33 acres at 3015-3025 East New York St., Prairie Point Shopping Center is in the affluent western suburb of Aurora, the second most populous city in Illinois after Chicago. 

More than 76,500 residents earning an average annual household income of $113,693 live within a three-mile radius of the center.

 

Michael Nieder

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Clinton Mitchell and Amy Sands and Director Michael Nieder. 

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

Prairie Point Shopping Center, Aurora, IL

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 on JLL, please visit our newsroom.

 Contact: 

Kimberly Steele,

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Star Partners Deepens Investment in Phoenix Metro with Acquisition of 82,500-SF Industrial and Cold Storage Asset

SOLD: 82,500 square-foot industrial warehouse featuring cold storage at 2434 South 10^th Street in the Southwest airport submarket of Phoenix, AZ.

David Wilson

PHOENIX, AZ –

 Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has expanded its presence in the Phoenix Metro area with the acquisition of an 82,500 square-foot industrial warehouse featuring cold storage in the Southwest airport submarket of Phoenix, Arizona.

The property is located at 2434 South 10^th Street in Phoenix, Arizona. David Wilson at DAUM Commercial Real Estate Services represented both the buyer and seller.

The property was acquired off market in a joint venture with a high-net-worth family office for $11.1 million, according to CJ Stos, Principal at Stos Partners, who explains that the firm is continuously looking for opportunities to grow its portfolio of value-add and core plus industrial assets in the Phoenix area. 

Tanner Jansen

“At the beginning of this year, we acquired our first property in the Phoenix Metro area as part of a focused strategy to expand in the region as demand for warehouse space increases,” says Stos, who notes that industrial vacancy rates throughout the region are compressing while supply increases.

“This new purchase will allow us to capitalize on organic market growth, as well as presents the opportunity for further upside through strategic renovations down the line.”

The demand for facilities including cold storage has increased significantly over the last year and a half, accelerated by the COVID-19 pandemic trends including last-mile grocery delivery and vaccine storage needs. Construction in the sector is expected to grow to $18.6 billion in 2027, according to Jay Boyle, Executive Vice President at Stos Partners.

CJ Stos

He adds: “This facility currently has a strong credit tenant in place that specializes in food delivery services, providing stable in-place cash flow. The asset is also well-positioned to benefit over the next several years from this growth in demand.”

­According to Tanner Jansen, Vice President of Acquisitions at Stos Partners, the asset presents the opportunity to bring rents up to market through the firm’s proven value-add strategy.

“In the near future, we’ll implement minor capital improvements including mechanical system upgrades, parking lot repaving, and updated landscaping, in order to best accommodate the facility’s current uses,” Jansen explains.

Jay Boyle,

“Looking ahead, we were also attracted to the long-term flexibility this property offers to execute heavier renovations and re-tenant the asset, or even reposition it as a fully dry storage facility, based on market demand.”

 

Contact:

Katie Haga / Elisabeth Manville

Brower Group

(949) 438-6262

khaga@brower-group.com  

Dream Finders Homes Releases New Homesites at Trailmark Near St. Augustine, FL

 

 ST. AUGUSTINE, FL – Dream Finders Homes recently released more than 80 new homesites at Trailmark, a sprawling master-planned community that should delight nature lovers with its shaded trails, oak tree hammocks and beautiful water views.

According to Division President Brad Muston, Dream Finders Homes eventually will build on a total of 150 single-family lots at Trailmark, which is located just west of St. Augustine and Interstate 95.

 “We released the first section of 43-foot lots in late August, and already have sold several,” he said.

Muston said the majority of the homesites have water or preserve views, and some will accommodate a private pool.   Homeowners at Trailmark will always be able to enjoy the zero-entry, lagoon-style pool at the community’s amenity center, he added.

Tennis and basketball courts, a canoe/kayak launch, fishing lakes and miles of walking and cycling trails are among the amenities, as well as the expansive community center with a spacious workout facility.

Dream Finders Homes is offering 10 one- and two-story Old Florida-style floor plans which range in size from 1,622 to 2,687 square feet with base prices starting at $329,990.

Brad Muston

Contact:

Ashlynn Wombolt, Marketing Coordinator

 ashlynn.wombolt@dreamfindershomes.com; 

Dream Finders Homes / Sales:

 888-208-7736 or

Beth Payan, Larry Vershel Communications: 

407-644-4142, 407-461-3781 or beth@larryvershel.com.