NEXT WAVE BOLSTERS PACIFIC NORTHWEST PORTFOLIO WITH ACQUISITION OF 65-UNIT MULTIFAMILY COMMUNITY IN SPOKANE VALLEY, WASHINGTON

 

Park Place Apartments, 
a 65-unit community at 916 North Ella Road
 in the Spokane submarket of Spokane Valley, WA

Spokane Valley, WA – Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-add multifamily investments, has acquired Park Place Apartments, a 65-unit community at 916 North Ella Road in the Spokane submarket of Spokane Valley, Washington in an off-market transaction, according to Jordan Fisher, Principal at Next Wave.

Jordan Fisher

“We’ve been bullish on the Pacific Northwest for some time and Park Place is our eighth multifamily property in the region,” says Fisher.

 “Spokane, where we’ve acquired nearly 400 units in the past six months, has experienced robust growth over the past few years due to the area’s high-quality living at a relatively low cost.

 

"The market has seen 32% rent growth since the pandemic began – second in the country only to Boise, Idaho.”

 According to David Sloan, Principal at Next Wave, recent Yardi data indicates continuing growth in demand for quality multifamily units, as Spokane Valley is expected to see an average annual rent increases of 6.53% through 2024.

              David Sloan

This growth is bolstered by the fact that many residents from Seattle and other major Western markets continue to migrate to Spokane in light of the pandemic and ability to work remotely.

CONTACTS:

 Arleeny Escarcega / Elisabeth Manville

Brower Group

(949) 438-6262

aescarcega@brower-group.com

www.nextwaveinvestors.com.

 

JLL Capital Markets closes sale of Berkshire Stewards Crossing in Lawrence Township, NJ

Berkshire Stewards Crossing,
 a 240-unit, luxury, value-add
 multi-housing community
in Lawrence Township, NJ

 

 MORRISTOWN, NJ, Oct. 20, 2021 – JLL Capital Markets announced today that it has closed the sale of Berkshire Stewards Crossing, a 240-unit, luxury, value-add multi-housing community in the Princeton submarket of Lawrence Township, New Jersey.

Grace Braverman

 JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A private buyer acquired the asset.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman.

Michael Oliver

 “We continue to see incredible demand for value-add properties in strong suburban locations within the NYC MSA,” said Oliver. “Pricing is significantly stronger then pre-COVID levels.”

 Berkshire Stewards Crossing offers 204 market-rate and 36 affordable units in a mix of one-, two- and three-bedrooms averaging 872 square feet.

The property recently underwent a proven value-add renovation program through the upgrade of community as well as an interior unit renovation program.

The apartments contain in-unit washer and dryers, walk-in closets, patio/balconies, wood burning fireplaces, vaulted ceilings and fenced-in yards.

Jose Cruz

The property amenities include a pool, fitness center, volleyball court, grill area with firepit and outdoor lounge, dog run, bike racks and walking paths.

 Located at 1000 Stewards Crossing Way, Berkshire Stewards Crossing is situated in a prime location less than one mile from Route 1 and Interstates 95 and 295 with convenient access to the area’s dominant pharmaceutical and life sciences employers.

 The property’s central location allows resident to reach Princeton and Trenton in 15 minutes offering access to nightlife, upscale dining and shops.

Steve Simonelli

Additionally, New York City and Philadelphia can be reached within an hour of the community.

Mercer County is one of the most dynamic and diverse apartment markets in New Jersey, largely due to the county’s extensive business base in Princeton, as well as Trenton’s position as the state’s capital.

The area’s corporations and municipal agencies are economic drivers that continue to benefit the multi-housing market; market rents have been steadily increasing and grew eight percent year to date over 2020 market rent.

 Further strengthening the market, only 745 units have been added over the last 10 years, speaking to the high barriers to entry and difficulty to gain approvals.

Kevin O’Hearn
 

Mercer County’s vacancy rate has been in the single digits and has remained below six percent over that period.

 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 and sales 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:

 Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email: Cierra.Lacasse@am.jll.com

 www.berkshireresi.com.

jll.com

 

Dennis Firestone joins JLL’s new Environmental and Property Condition service

 

Dennis Firestone

 CHICAGO, IL, Oct. 20, 2021 – JLL Valuation Advisory announced today that it has hired Dennis Firestone to join its rapidly expanding new Environmental and Property Condition (EPC) team as a Senior Vice President for EPC Premier Client Accounts.

In his new role, he will focus on client development, business support and implementation of technology-based solutions.

 Based in the Detroit MSA, Firestone is a Registered Geologist (RG) and Registered Environmental Manager (REM) who joins JLL with more than 30 years of leadership in the environmental and engineering assessment industry.

Led by Managing Director Jeff Manas, the EPC service team was announced in April 2021 as part of JLL Valuation Advisory’s ongoing growth strategy.

Jeff Manas

“Dennis’s addition to the team is another example of our build-to-suit approach, putting our client’s needs first, and focusing on good science and subject matter expertise,” Manas said.

 “He’s an incredible resource in the industry and has a track-record of creating world-class teams that raise the bar of quality and risk management.”

 Firestone has a Bachelor of Science degree in geological science from the University of Michigan.

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

 U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

CONTACT:

 Kimberly Steele

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com