JLL Capital Markets arranges financing for a 326-unit apartment project at 1405 Spring Street in Atlanta, GA

1405 Spring, a 326-unit, high-rise, multi-housing
development planned in midtown Atlanta, GA 

 

 ATLANTA, G – JLL Capital Markets has arranged the full capitalization for the construction of 1405 Spring, a 326-unit, high-rise multi-housing development in midtown Atlanta, Georgia. Financial details of the deal were not disclosed.

 Ed Coco

JLL represented the development’s sponsorship team, a venture between JPX Works and Zeller, to arrange the full capital stack for the project with Manulife Investment Management.

The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Ed Coco, Managing Director Matt Casey and Vice President Kelsey Bawcombe.

 “JPX Works and Zeller are elevating the standard of architecture within Atlanta and will deliver a best-in-class product to complement and benefit from the continued job growth and in-migration from higher cost metros into Atlanta,” said Coco.

Matt Casey

 “With a core location in Midtown and a proven development team, Manulife Investment Management represents the ideal investment partner and long-term owner for this project.”

The 31-story building will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center. 

The new building will overlook Midtown and Downtown to the south, Atlantic Station to the west, Ansley Park to the east and offer unobstructed views of Buckhead four miles to the north.

 Situated on .54 acres, the 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses.

The building’s 21 residential levels will sit atop a ground-level lobby, obscured eight-level parking garage and a full level of best-in-class amenities, including multiple indoor lounge areas, coworking spaces, fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits.

Kelsey Bawcombe

 

1405 Spring is situated at the southeast corner of 18th and Spring Streets in Midtown’s burgeoning northern arts district. 

The area is home to many of Atlanta’s most beloved arts and cultural institutions, including the Woodruff Arts Center, MODA and the Center for Puppetry Arts. 

CONTACT:

 Jenna Sharp

 JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

 

Luminous Capital Management Acquires Second Carlsbad, CA R&D Building for $14 Million

 

5931 Priestly Drive, Carlsbad, CA

 SAN DIEGO, CA – Luminous Capital Management, in partnership with Austin-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, a 52,800-square foot industrial/R&D building in Carlsbad, CA. 

  Matt Stephenson

The building, which is located in the prestigious Carlsbad Research Center, was fully-leased by two tenants under short-term leases at the time of sale. 

 The property was acquired from locally-based Greene Properties for a purchase price of $14.0 million ($265 per sq. ft.).

 With existing tenancy at 5931 Priestly Drive expiring in 2023, Luminous and Virtus plan to conduct significant renovations to position the property for bioscience R&D and manufacturing. 

The partial two-story building features approximately 16,000 square feet of 24-foot clear height space along with heavy power, abundant parking, and grade-level loading.

Matt Withey

 Earlier this year, the Luminous-Virtus venture acquired 2290 Cosmos Court in Carlsbad for a purchase price of $9.6 million ($255 per sq. ft.), also with a life sciences conversion plan.

Matt Stephenson, a founding principal of Luminous, commented, “We have witnessed significant North County life sciences demand, including many tenants seeking bioscience manufacturing space. 

"Our new acquisition at Priestly Drive is well positioned for those users seeking a mix of R&D and cGMP space.”

Chris Baumgart 

Virtus provided joint venture equity for the renovation and repositioning with the investment representing the third acquisition of the partnership in greater San Diego. 

 Last September, Luminous and Virtus acquired 10225 Willow Creek Road, a 75,000-square foot R&D building which is also undergoing a conversion to life science use.   

Matt Withey,  Managing Director of Virtus, added “Carlsbad Research Center is the premier business park in North County, so we are pleased to have acquired a high-quality property in a submarket that is already validated by several preeminent life science companies.”

John Chun
 

 Greene Properties was represented in the sale of the building by Michael Nucci of RW Commercial, while the buyer was represented by Chris Baumgart of JLL who will handle leasing of the property. 

John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus.  California Bank & Trust provided financing for the acquisition and conversion. 

“The North San Diego County commercial real estate market continues to thrive as companies see new and growing economies equivalent to major West Coast regions like Los Angeles, San Francisco Bay Area and Seattle, said Chris Baumgart, JLL Senior Vice President.

John Marshall 

  “With this growth, sophisticated companies like Luminous Capital Management and Virtus Real Estate Capital continue to think of creative ways to satisfy this growth through real estate conversions, zoning changes and other strategies.”

 About Luminous Capital Management

Luminous Capital Management, based in Irvine, CA, is a real estate investment manager which seeks to operate on the frontier of value creation, identifying macro-trends that complement active implementation of business plans. 

Current areas of focus for investment in the Western U.S. include properties driven by life science discoveries, changing demographics, and growth in the digital economy. 

 Luminous was founded in 2021 by industry veterans Bob Dougherty, Matt Stephenson, and Tom Lam, with an association that began over 25 years ago.

 

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)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

www.virtusre.com

 

 

Avanath Capital Management Acquires 100th Asset: A Mixed-Use Rent-Stabilized Portfolio in Brooklyn, NY for $315 Million

 

Avanath Capital Management has acquired 38 6th Avenue, a mixed-use building in Brooklyn, NY, containing 303 units.

 (Photo courtesy of Greenland)

 

Irvine, CA – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has acquired its 100^th asset: a mixed-use portfolio containing two multifamily properties with ground-floor retail space in Brooklyn, New York, for $315 million.

The portfolio, comprising 601 Affordable and market-rate residential and commercial units, qualifies for New York City’s Rent Stabilization program.

Daryl J. Carter

“Increasing housing accessibility is critical to Avanath’s mission as we acquire our 100^th property,” says Daryl J. Carter, Founder, Chairman, and CEO of Avanath.

“We are assuming ownership of these buildings as New York City faces a growing affordable housing crisis. 

"This acquisition allows us to provide high-quality housing in an area of the country where market-rate rents are notoriously high and the demand for budget-friendly apartment homes is rising.”

According to Brooklyn Magazine and based on data from New York City’s Department of City Planning, Brooklyn’s population grew by 230,000 people while just 78,300 housing units were added from 2010 to 2020.

John R. Williams

Thirty-seven percent of the subject portfolio comprises units that are regulated to serve residents with incomes between 40% and 100% of area median income.

“With this rent-stabilized portfolio and its several LIHTC-qualifying units, we identified an incredible opportunity to provide elevated, affordable options to community members within this area,” notes John R. Williams, President and CIO at Avanath Capital Management.

“We are expecting the portfolio’s high occupancy to be maintained due to its ideal location, with public transportation, employment centers, and several entertainment options all nearby.”

Keith Harris

“We are excited that the acquisition of these two towers will be our opportunity to introduce Avanath Communities to Brooklyn," says Keith Harris, Executive Vice President of Acquisitions for Avanath.

 "It is an exciting and transformative time for New York City, where we already held 458 units across 26 properties—primarily in Brooklyn—before acquiring this new portfolio.

“This acquisition broadens our depth considerably in the New York City market, where we now own 28 properties totaling 1,059 units, and in the New York metropolitan area, where we now own 32 properties totaling 1,706 units.

 John O’Connor

“Our firm is always looking for ways to elevate the lives of our residents, and we are accomplishing that with this portfolio by focusing on four main ESG objectives,” says John O’Connor, Acquisitions Director for Avanath.

“We will be completing energy-saving upgrades within the units, complying with New York City’s energy ordinances, investing in ‘green’ assets for the buildings, and offering social impact programming for residents.”

Avanath Capital Management has acquired 535 Carlton Avenue, a mixed-use building in Brooklyn, NY containing 298 units. (Photo courtesy of Greenland)

The two buildings in the mixed-use portfolio are located at 38 6^th Avenue and 535 Carlton Avenue in Brooklyn, New York.

CONTACTS:

Madison Bridges / Lexi Astfalk

The Smart Agency

949-438-6262

mbridges@thesmartagency.com

 www.avanath.com.