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

 

Ware Malcomb Announces Completion of Princeton Longevity Center at 1 World Trade Center, New York, NY

 

 Princeton Longevity Center
1 World Trade Center, New York, NY

PRINCETON, NJ – Ware Malcomb, an award-winning international design firm, announced construction is complete on Princeton Longevity Center, a preventive medicine facility located at 1 World Trade Center, 71st Floor, Suite 71E, New York, NY 10007.

Ware Malcomb provided the interior architecture and design services for the project. 

The 10,000 square foot facility is a new build-out that includes a 2,000 square foot imaging-diagnostic licensing suite, including advanced technology imaging rooms and a CT scan room.

Marlyn Zucosky

The space also includes a reception area, a lounge, individual patient rooms, exam rooms, offices, and a fitness room. 

“Princeton Longevity Center is extremely patient-centric in all of their decisions,” said Marlyn Zucosky, Regional Director, Interior Architecture & Design for Ware Malcomb.

“We were pleased to work closely with them to design a facility to enhance their patients’ experience and wellness. The result is a highly-functional, relaxing and beautiful space in one of the world’s highest-profile buildings.”

 

CONTACTS:

Rachel Devany

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com 

 

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

 

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128

 mbissonnette@waremalcomb.com

Hold-Thyssen Closes Land Deal for Development of Maitland Fitness

MAITLAND, FL 

Martin Forster

--- Development is imminent on Lot 2 of Uptown Maitland which recently sold.   The sale was facilitated by Martin Forster, CCIM of Hold-Thyssen, Inc. a full-service commercial property firm based in Winter Park.

The 1.21 acre site at 425 Sybelia Parkway was purchased for $950,000 cash by Orlando-based J5 Properties 8650, LLC.   The seller is Uptown Maitland, LLC.

 Forster says the buyer will construct a 12,500 square foot building that will house Maitland Fitness, an upscale training and fitness facility; 3,000 square feet of office space for lease on the second level; a ground floor corner café and snack bar serving coffee, smoothies and juices with outdoor patio seating that will overlook a pond.

 Forster listed the property and represented both buyer and seller as a transactional broker.

Rendering of planned Maitland Fitness complex
 Maitland, FL

 Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year-old firm’s current management portfolio includes more than 100 commercial properties throughout the United States .

 

CONTACTS:

Martin Forster, CCIM, Broker-Associate Hold-Thyssen Inc.,

321-299-4164, mforster@HoldThyssen.com 

 

Robert P. Hold, Principal, Hold-Thyssen, Inc.,

407-691-0505, bhold@HoldThyssen.com

 

Beth Payan, Larry Vershel Communications Inc. 

07-644-4142 Beth@larryvershel.com

 

JLL Capital Markets closes $5 million land sale in Cary, NC’s Twin Lakes to SunCap Property Group

 Sarah Godwin

 

 RALEIGH, NC– JLL announced has closed the $5 million land sale for a 5.77-acre, infill development opportunity zoned for multifamily, part of Twin Lakes Center in Cary, North Carolina.

 JLL marketed the property on behalf of the seller, Leyland Twin Lakes, LLC. SunCap Property Group (“SunCap”) acquired the property.

 David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community.

 “SunCap is very excited to break ground on our first multi-housing property in the RTP area,” commented Lee, Senior Vice President.

 David Lee

“We have been studying the market for some time and feel this is the perfect opportunity to bring an outdoor-centric, bike-friendly residential offering to the area.”

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Sarah Godwin.

 “The Twin Lakes development is well-positioned along Davis Drive, Cary’s main artery into RTP, and is located only 5 minutes from a top tech company’s future RTP campus,” said Godwin. “The community has strong walkable connectivity to Wegmans and will enjoy a future greenway trail connection.”  

CONTACT:

 

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

JLL Capital Markets arranges $31.6 million financing for the acquisition and mezzanine loan for Estancia Senior living in Fallbrook, CA

 

 

Alanna Ellis

San Diego, CA, Oct. 19, 2021 – JLL Capital Markets announced today that it has arranged $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a 103-unit, 114-bed, newly developed, Class A assisted living and memory care community at 1735 South Mission Road in the Southern California community of Fallbrook.

JLL worked on behalf of the borrower, Contour, to secure the $24 million three-year, floating-rate bank loan. Additionally, JLL worked to secure a $7.6 million, four-year, fixed-rate mezzanine loan.

Jeff Sause

The Capital Markets Debt and Equity Advisory team representing the borrower included Director Alanna Ellis and Senior Director Jeff Sause.

Estancia Senior Living is operated by Meridian Senior Living.

Estancia Senior Living is a brand-new senior living community, which debuted Summer 2021.

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

CONTACT:

 Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

KKR Acquires Novē at Knox in Dallas, TX from KBS and Southern Land Company

Novē at Knox is a a 19-story, 310-unit
Class A luxury multifamily complex
in the Knox/Henderson district
near Downtown Dallas, TX

DALLAS, TX and NEW YORK, NY 

Chris Lee

– 

KKR, a leading global investment firm, Kairoi Residential (Kairoi), a national multifamily investment, development, and property management company, KBS, one of the most prominent investors in premier commercial real estate, and Southern Land Company (SLC), a national real estate developer of mixed-use developments and master-planned communities, announced that KKR and Kairoi have acquired Novē at Knox, from KBS and SLC. 

Kairoi will operate the hospitality-inspired property. Novē at Knox was developed and operated by SLC in partnership with KBS.

“Our acquisition of Novē at Knox strengthens our already deep presence in the highly-attractive Sun Belt region which continues to benefit from net migration as a result of strong employment growth and attractive lifestyle benefits,” said Chris Lee, partner and head of real estate Americas at KKR. 

“Novē at Knox is a landmark luxury property ideally located in Dallas’ go-to locale for individuals seeking a dynamic destination to live and work. We believe this property is poised to benefit from Dallas’ strong economic fundamentals in the years to come.”

“High-end multifamily properties like Novē at Knox, located in thriving Texas markets like Dallas, are increasingly attracting investors,” says Gio Cordoves, Western regional president for KBS. 

Gio Cordoves

“In fact, KBS has been ahead of the curve in monitoring population in-migration to these markets. 

Recently, Dallas was ranked second among Texas counties where people were relocating, supporting our development of this asset. 

"As Dallas continues to attract residents from other parts of the country, demand for top-tier multifamily properties like Novē at Knox is on the rise in this market.”

“Novē at Knox presented an excellent opportunity for KBS to leverage its deep office and local market expertise in this region to develop a luxury apartment complex within the Dallas metro,” says Brett Merz, asset manager for Novē at Knox and senior vice president at KBS. “This is an extremely desirable property for investors in this market.”

 

Brett Merz

KBS is the asset manager of several best-in-class office properties in the Dallas/Fort Worth market, including 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North Office Park, among others.

“The ability to collaborate with KBS on this project and deliver a one-of-a-kind luxury asset in the middle of a pandemic is an outstanding accomplishment,” says Tim Downey, founder, and CEO of Southern Land Company. 

“We remain proud of what we created with Novē at Knox and the lifestyles it offers residents in such a vibrant area of Dallas.”

Tim Downey

“This is a very well-appointed apartment complex with spectacular views, unmatched services and a highly desirable location,” said Madison Marceau, president of acquisitions at Kairoi. 

“We are pleased to participate in this transaction with KBS and Southern Land Company who have positioned this property for long-term success and to collaborate on another great investment with KKR.”

Gibson Dunn & Crutcher, LLP represented KKR and Kairoi on the purchase of Novē at Knox. Greenberg Traurig, LLP represented KBS and Southern Land Company as legal counsel in the disposition.

Madison Marceau

CONTACTS:

 

 

KKR Media Contact:

Miles Radcliffe-Trenner

(212) 750-8300

media@kkr.com

 

KBS Media Contacts:

Lexi Astfalk or Jenn Quader

Brower Group

(949) 438-6262

KBS@brower-group.com

 

Ginny Walker

KBS Public Relations Director

949-417-6535

gwalker@kbs.com

 

Southern Land Company Media Contact:

Jenna Lefever

SLC Public Relations Director

615-778-2182

Jenna.Lefever@southernland.com

  

 

Intracorp Breaks Ground on 178-Unit Luxury Multifamily Community in Irvine, CA

 Rendering of planned 2055 Main Street
apartments, Irvine, CA

 IRVINE, CA – Intracorp, one of North America’s largest developers of multifamily homes, has broken ground on a new 178-unit Class A apartment development at 2055 Main Street in the heart of the Irvine Business Complex (IBC) in Irvine, California.

 The project, Intracorp’s fourth development in the IBC, demonstrates the ability of local experienced developers to deliver extraordinary for-sale and for-rent properties in infill markets, according to Brad Perozzi, president of Intracorp’s Southern California division.

“Intracorp has an exceptional team that has built a reputation based on integrity, expertise and quality developments,” says  Perozzi.

Brad Perozzi

“We have a niche, boots-on-the-ground approach to development that enables us to move quickly on projects and add value from a unique perspective.

  "It also makes us a synergistic partner with large equity firms seeking innovative, seasoned development companies with a distinctive edge.”

 Located at 2055 Main on the corner of Main Street and Gillette Avenue, this will be Intracorp’s first for-rent multifamily development and fourth ground-up project in the IBC.

 “With three successful IBC townhome developments completed and our first IBC apartment community under development, Intracorp has a pulse on this market,” notes Perozzi.

  CONTACTS:

Elisabeth Manville / Lara Sassounian

Brower Group

(949) 438 -6262

emanville@brower-group.com

 Follow us on:

Facebook: facebook.com/intracorphomesca

Instagram: @intracorphomesca

 

IntracorpHomes.com

RKW RESIDENTIAL Announces Two New Regional Managers in South Florida

 

Chantal Renaud

Miami, FL (Oct. 18, 2021) - RKW Residential, one of the nation’s fastest-growing multifamily management firms, continues to expand its South Florida team with the addition of Sabrina DeLorme and the promotion of Chantal Renaud. Both are based in the firm’s Miami office. 

DeLorme, a new Regional Manager with RKW, brings 20 years of experience across the Florida and Georgia markets.

  In her new role, she oversees a portfolio of communities across South Florida. DeLorme’s extensive background in renovation management also complements the firm’s strategic oversight of value-add projects. 

 After starting her career with Trammell Crow Residential and continuing during its transition to Riverstone Residential, DeLorme served as Regional Supervisor for Fairfield Residential.

 

Sabrina DeLorme

Renaud, who is also based in South Florida, has more than 15 years of experience leading property operations for garden, mid-rise and high-rise assets.

 Her promotion to Regional Manager for RKW means Renaud oversees operations for a portfolio of communities throughout the region.

  Prior to the promotion, she oversaw the RKW-managed Seabourn Cove in Boynton Beach.

 Before joining RKW, Renaud worked with Greystar and Alliance Residential Group.

Johnny De La Espriella

 

“Sabrina and Chantal strengthen our growing team in South Florida,” RKW Senior Vice President – Operations Johnny De La Espriella said.

  “Their new roles come at a pivotal time for us, as our clients in the region continue to start new multifamily developments and pursue community acquisitions.”

 Founded just six years ago, RKW is one of the multifamily industry’s most compelling entrepreneurial success stories in recent memory.

 The company was recognized by Multi-Housing News as the nation’s third-fastest growing multifamily management company in the publication’s 2021 rankings. It also made MHN’s annual “Top Property Managers” list for the third consecutive year.

  CONTACT:

 Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.rkwresidential.com.