JLL Capital Markets arranges $302 million in debt and equity for a six-property 1,494-unit, multi-housing portfolio located throughout Maryland, Virginia and Alabama

 

Melissa Marcolini Quinn

 TAMPA, FL -- JLL Capital secured $262 million in debt and $40 million in equity for the refinancing of a six-property, 1,494-unit, garden-style multi-housing portfolio scattered across Maryland, Virginia and Alabama.

 JLL represented the borrower, Carter Multifamily, to secure the seven-year, floating-rate loans through Freddie Mac Multifamily.

 The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also worked to secure the equity through an institutional investor.

 Lee Weaver

The JLL Capital Markets Central Florida Debt & Equity Advisory team represented the borrower and is led by Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver.

 “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, who was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” said Quinn.

 “The favorable senior loan terms and sponsorship attracted a lot of interest from equity investors, and we are happy to close this deal for the Carter team,” Weaver said.

 The multi-housing portfolio consists of:

·         Park at Kingsview Village, 13414 Daventry Way, Germantown, Maryland

·         Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland

·         Hunt Club, 404 Christopher Ave., Gaithersburg, Maryland

·         Springwoods at Lake Ridge, 12395 Midsummer Ln., Woodbridge, Virginia

·         Windsor Park. 3937 Penshurst Ln., Woodbridge, Virginia

·         Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody, Alabama

 

320-unit Park at Kingsview Village, Germantown, MD

Five of the properties are located within the Washington, D.C. suburbs, providing tenants access to the employment opportunities in and surrounding the District.

 The 326-unit Park at Kingsview Village, the 240-unit Stonecreek Club and the 336-unit Hunt Club are set in Germantown and Gaithersburg, Maryland, respectively, which are northwestern suburbs along Interstate 270.

 The 220-unit Windsor Park and the 180-unit Springwoods at Lake Ridge are both within Woodbridge, Virginia, a southern suburb approximately 23 miles from downtown Washington, D.C.

Situated in the Birmingham, Alabama MSA, the 192-unit Oaks of St. Clair is in Moody, Alabama, approximately 20 miles east of downtown Birmingham.

 

 Contacts:

Jenna Sharp, JLL Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

carterfunds.com and cartermultifamily.com.

Guthrie Development acquires prime multi-tenant industrial asset in Orange County, CA submarket

 

Rob Guthrie

FOUNTAIN VALLEY, CA -- Guthrie Development Company, a full-service commercial real estate investment and management company based in Irvine, California, has acquired a 13,260 square-foot multi-tenant industrial building in Fountain Valley, California from a private seller.

“Our firm focuses on strong-performing asset classes such as industrial, which continues to surpass all other commercial real estate sectors,” says Rob Guthrie, President at Guthrie Development Company.

 “Demand for this product type has skyrocketed recently, especially in the Orange County market. In fact, this region saw its eleventh straight quarter of positive absorption in Q1 2022.

13,260 square-foot multi-tenant industrial building,
Fountain Valley, CA

"Competition for industrial space in Orange County has never been higher, which is driving rental rates to new all-time highs. Through our extensive expertise in the Orange County market, we have observed increasing interest in this sector from both users and investors in the area.”

The property Guthrie Development has acquired consists of seven units ranging from 1,560 square feet to 3,510 square feet and is currently 80% leased. 

Nick Spatafore

CBRE's Nick Spatafore, the broker representing Guthrie in the transaction, will work on behalf of the company to sell the remaining individual condos to small businesses and investors. 

Spatafore represented both the buyer and seller in the transaction

Additionally, Guthrie Development will implement a series of capital improvements as part of its strategy to enhance the property’s overall value, says Dane Rowland, Commercial Property and Business Association Manager at the company.

 Dane Rowland

“As it is rare to find an industrial asset like this with such an exceptional location near the 405 Freeway, we immediately recognized its value potential,” says Rowland.

“With this acquisition, we will perform a complete condo conversion, which will include new landscaping, an outdoor gathering area with seating, interior improvements, among others.”

Acquired for $4.3 million, the property is located at 17330 Newhope Street in Fountain Valley, California. Nick Spatafore with CBRE represented both the buyer and seller in the transaction.

 Contacts:

 

Brooke Belt / Katie Haga

The Smart Agency, Inc.

(949) 438-6262

bbelt@thesmartagency.com

 

JLL Capital Markets closes sale of the 175-unit The Bevy Apartments in Brown Deer, WI

 Amanda Friant

CHICAGO, IL,  Aug. 16, 2022 – JLL Capital Markets has closed the sale of Bevy Apartments, a brand-new, 175-home apartment and townhome community in the fast-growing North Milwaukee suburb of Brown Deer. The price was not disclosed.

Rendering of The Bevy Apartments, 
8600 North Deerwood Drive,
Brown Deer, WI

JLL worked on behalf of the seller, Fiduciary Real Estate Development, Inc. JVM Realty Corp. acquired the asset.

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Wick Kirby, Director Amanda Friant and Analyst Jeremy Weinstock, along with Senior Managing Director Jaime Fink.

 Built in 2020, The Bevy Apartments features studio, one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances, in-unit washers and dryers, large walk-in closets, programmable thermostats, bedroom ceiling fans with lighting controls and an average size of 961 square feet.

Wick Kirby

Select units feature private balconies/patios and private entries and garages. Community amenities include a fitness center, an outdoor terrace with grilling stations, a resident clubroom, an FX gaming system, an outdoor dog park and pet spa and underground parking.

 Located at 8600 N. Deerwood Dr., The Bevy Apartments is just a 15-minute drive to downtown Milwaukee via direct highway access and is walkable to the numerous retail options at the Village, which will include the new Village Square development’s beer garden and farmer’s market. 

Jeremy Weinstock

The property is also accessible to the modernized Bayshore outdoor shopping center.  Additionally, the community is 25 minutes from Milwaukee Airport and 10 minutes from Lake Michigan.

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

 Fiduciary Real Estate Development, Inc

Fiduciary Real Estate Development, Inc.(“FRED”) is an award-winning developer and real estate investment management firm, focused on the market rate multifamily apartment asset class.

 Jaime Fink

Founded in 1985 and based in Milwaukee, Wisconsin, FRED currently owns and manages more than 8,000 market rate apartments across multiple states, and continues to expand throughout the United States.  

JVM Realty Corp.

 Based in Oak Brook, Illinois, JVM operates a $1.4 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri and Wisconsin. 

  Contact:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

www.jvmrealty.com.

 

 https://liveatthebevy.com/

 

Stan Johnson Co. brokers $11 million sale of North Carolina assembly and distribution facility

 

Maggie Holmes 

Winston-Salem, NC -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Collins Aerospace, a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry.

 The 90,499-square-foot manufacturing building is located at 2599 Empire Drive in Winston-Salem, North Carolina. Jonathan Ameen of Stan Johnson Company represented the buyer, a New York-based individual investor who acquired the asset for $11.4 million.

Maggie Holmes of Stan Johnson Company represented the seller, a REIT based in Dallas, Texas.

Jonathan Ameen 

“This represents a generational asset for my client and an attractive disposition for the seller in the midst of interest rate headwinds,” said Ameen, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Yet another reminder that the market for critical industrial assets is still very strong.”

The well-maintained facility sits on 5.5 acres and features concrete tilt-up construction, 13 loading docks and high ceilings ranging from 28 to 34 feet.

Collins Aerospace has operated the facility for fourteen years and has invested nearly $2.0 million for upgrades and renovations to its assembly and distribution lines.

The lease is fully guaranteed by the tenant’s parent company, Raytheon Technologies, a top three global defense contractor with 2021 annual revenues of $64.6 billion.

 

 Contact:

    David Ebeling

   Ebeling Communications

   (949) 278-7851

   david@ebelingcomm.com

 www.stanjohnsonco.com.