Multifamilyexpertise in action 2017
Table of Contents 03 | Overview 08 | Atlanta/Southeast 11 | Austin/San Antonio 15 | Boston/New England 18 | Chicago/Midwest 19 | Dallas/Fort Worth 22 | Denver & Salt Lake City 24 | Houston 27 | Los Angeles 30 | Miami/Florida 33 | New York 35 | Greater Philadelphia 38 | Phoenix/Las Vegas 41 | San Diego 44 | Seattle47 | Washington D.C./Mid-Atlantic 50 | Finance 2
Maximizing Our multifamily capital markets professionals understandreturns on your commercial real estate, local markets, and the multifamilyinvestment investor. With significant knowledge in investment sales, debt and equity finance and loan servicing, you will find the rightWhether you’re looking opportunities, capital solutions and prompt advice for yourto buy, sell or finance. multifamily assets. We bring together specialized talent—senior executives each with years of direct experience in capital markets, local markets and finance. Collectively, we handle multifamily transactions spanning the full spectrum of geographies and property types. • Garden • Mixed-use • High-rise • Portfolios • Mid-rise • Townhomes • Seniors housing • Condominiums • Student housing • Development sites • Land sales 3
The best, most 1 Unrivaled access to global capitaltrusted globally- Dedicated global team is charged solely withconnected facilitating cross border capitaladvisor 2 In-depth local knowledge Capital markets, leasing and research teams provide real time market data across all geographies, services and products 3 Firm-wide commitment Leveraging all geographic regions and business lines for integrated, seamless service 4 Track record Top five brokers across all U.S. property types* Ranked #1 - real estate investment advisory team in EMEA and Asia Pac for the fourth consecutive year* *Real Capital Analytics, 2015 capital markets 4
We have teams embedded across the United StatesSeattle Salt Lake City St. Paul Boston Chicago New YorkSan Francisco Columbus Philadelphia Washington, DC Denver Las Vegas Nashville CharlotteLos Angeles Birmingham Hilton Head Phoenix New Orleans Atlanta San Diego Jacksonville DallasJLL’s Capital Markets offices: Austin Capital Markets offices Multifamily presence San Antonio Houston Clearwater Miamiwith 200+ multifamily experts in key marketsproviding sales, finance and advisory services.National leadDavid Williamsdavida.williams@am.jll.com+1 651 603 5055 5
Multifamily investor, meet yourfull-service partnerOur team consists of sales and financingprofessionals who work alongside oneanother and partner regularly to help youfind the right opportunities, capital solutionsand prompt advice through one diverse,integrated platform.Tailored strategies for multifamily salesWe take on a personal approach to understand a client’s disposition and acquisition goals. Understandingthe marketable attributes of the asset, we effectively capture a property’s unique value and positioning.Founded on industry-leading market analysis, valuation services and investor intelligence, our facilitation ofthe sale or disposition of investment properties ensures optimum price and certainty of closing.Deep relationships with capital sourcesAs one of the nation’s largest providers of debt and equity capital, we partner with a wide array of financialproviders, including Fannie Mae, Freddie Mac and HUD/Ginnie Mae to solve your transaction needs.*Volumes include agency and non-agency financing for property types multifamily, seniors housing and student housing.$14 BILLION in multifamily volume in 2016 6
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Atlanta/Southeast Atlanta continues to bolster its image as a top destination for corporate relocations with the recent announcement of theAtlanta is the largest contributor to economic growth Mercedes-Benz North American HQ - the fourth Fortune 500 HQfor the state of Georgia, representing over 75% of the relocation in just six years. The metro has solidified its position asstate’s economic base. With more than half of the state’s the economic hub of the Southeast and features a lower relativepopulation squarely centered in four metro Atlanta counties cost of living and the lowest cost of doing business of the nation’s– Fulton, Gwinnett, Cobb, and Forsyth – Atlanta will major metros. When combined with a high quality of life andcontinue to be the epicenter of the state’s overall access to Hartsfield Jackson International airport, Atlanta’semployment growth in the future. The Atlanta MSA gained prestige is further elevated.almost 100,000 new residents in YoY, ranking third in thenation among all metro areas. The concentration of new multifamily construction in the Class A sector is creating a supply-constrained environment among mid and lower-tier assets, allowing these assets to raise rents. Even with this influx, the strength of the Atlanta multifamily market has not faded, proven by the strong 2016 transaction activity. Despite rising rents and property prices, Atlanta’s relative low-cost drives the MSA’s demand, attracting both residents and companies alike. The combination of job creation, improving demographics, and affordability equate to an upward expanding economy, driving rental rates and stabilized vacancy across the metro’s multifamily machine.Key contacts David Gutting Vincent Lefler Managing Director Senior Vice President Derrick Bloom +1 404 995 2283 +1 615 354 4048 Managing Director david.gutting@am.jll.com vincent.lefler@am.jll.com +1 404 995 2287 derrick.bloom@am.jll.com Jim Sewell Faron Thompson Senior Vice President International Director Andrea Howard +1 843 681 7484 +1 404 995 6363 Senior Vice President jim.sewell@am.jll.com faron.thompson@am.jll.com +1 704 804 5755 *Finance specialist andrea.howard@am.jll.com >>> Learn more 8
Atlanta/Southeast 2016 select closed deals1660 Peachtree The Reserve at the BallparkAtlanta, GA Atlanta, GASize 355 units Size 321 unitsType Investment sale and financing TypeBuyer The Connor Group/Freddie Mac Buyer Financing and recapitalizationDate closed Q1 2016 Date closed Atlantic Realty Partners/TIAA CREFPrice Confidential Price (Debt); Bridge Investment Group (Equity) Q4 2016 ConfidentialSkyhouse Raleigh Century Mill CreekRaleigh, NC Buford, GASize 320 units Size 355 unitsType Investment sale Type Investment sale and financingBuyer WW Holdings Buyer RST Development/Freddie MacDate closed Q1 2016 Date closed Q3 2016Price Confidential Price Confidential 9
Atlanta/Southeast 2017 in-market deals Heights at West Midtown Atlanta, GA Property type Mid-rise Seller Worthing Companies Year built 2016 Size 244 units Occupancy 90% (lease-up) Heights at West Midtown is an exceptional high-rise quality asset that attracts an affluent renter base. Located in Central Midtown, the property is walkable to over 1.3 million square feet of retail, 20 million square feet of office space, two parks and the future beltline. CoHo Atlanta, GA Property type Garden/Townhome Seller Tribridge Residential Year renovated 2016 Size 128 units Occupancy 95% Featuring brand new interior and exterior redesign completed at the close of 2015, CoHo offers a vast competitive advantage by offering all of the location benefits of an infill Buckhead property, at a significant rental discount to nearby Class A communities. Parc at Dunwoody Atlanta, GA Property type Garden Seller WRH Realty Services Year built 1979 Size 312 units Occupancy 96% Submerged in Atlanta’s most robust job corridor, Parc at Dunwoody is located along the thriving GA-400 economic corridor of Dunwoody and Sandy Springs. The Property’s high-end demographics and quality renter pool are key aspects to future rent growth at the Property. 10
Austin/San Antonio Austin is home to four Fortune 500 companies: Whole Foods Market, Freescale Semiconductor, Samsung (U.S.) and Dell.Austin is the capital of the nation’s most Austin has seen an influx in emerging technology companiesbusiness-friendly state and is one of the fastest either relocating or expanding in the city, including Accenture,growing markets in the United States. It has Amazon, Dropbox, Google, Oracle, and many more.become the 11th largest city in the United States andis globally recognized for its high-tech economy, San Antonio is now the seventh largest city in the United States,intellectual talent and high quality of life. second largest in Texas, and boasts one of the fastest growing metropolitan areas in the country. This dynamic and diverse economy is a healthy mix of business services, a rapidly growing medical and health delivery sector; a diversified manufacturing sector which produces everything from aircraft to semiconductors, to rolled aluminum sheet and cement; and a well-established convention and visitor industry. Diversity is strength of the economy and reflects the community-wide consensus for business development and quality job creation in this unique and striving market.Key contacts Moses Siller Zar Haro Senior Vice President Scott LaMontagne +1 210 839 2012 Senior Vice President Managing Director moses.siller@am.jll.com +1 512 368 7140 +1 210 839 2004 scott.lamontagne@am.jll.com zar.haro@am.jll.com CW Sheehan >>> Learn more Vice President - Finance 11 +1 214 438 6591 cw.sheehan@am.jll.com *Finance specialist
Austin / San Antonio 2016 select closed dealsThe Catherine Peanut Factory LoftsAustin, TX San Antonio, TXSize 300 units, 19 floors Size 102 units, 2-4 storiesType Multifamily sale Type Investment saleBuyer Christopher Commercial Buyer Windmill Investments LLCDate closed Q2 2016 Date closed Q4 2016Price Confidential Price ConfidentialVilla Espada Villas Tech RidgeSan Antonio, TX Austin, TXSize 240 units, 3 stories Size 350 units, 3 storiesType Investment sale Type Multifamily saleBuyer Windmill Investments LLC Buyer Castle Lanterra PropertiesDate closed Q2 2016 Date closed Q1 2016Price Confidential Price Confidential 12
Austin / San Antonio 2017 in-market deals Project Catalyst Mixed-use - redevelopment Nimes Capital Austin, TX 79 +/- acres Property type Seller Size A 79 +/- acre, once-in-a-lifetime large-scale mixed-use redevelopment opportunity in Austin’s urban core. Project Catalyst sits on 79 contiguous acres located in the heart of the thriving East Riverside submarket and consists of four student housing communities, totaling 58 buildings with 3,054 beds or 1,092 units that are collectively 96% leased as of 9/2/16. Pecos Flats San Antonio, TX Property type Multifamily Seller Godfrey Residential Group Year built / renovated 2015 Size 384 units Occupancy 90% Pecos Flats is a one-of-a-kind, newly constructed Class A apartment community comprised of 384 units in San Antonio, TX. This “Best in Class” luxury development located in Westover Hills, offers a desirable sub-urban lifestyle due to its immediate access to a multitude of dynamic employers, quality retail services and variety of eateries, entertainment and recreational activities. Koenig & Lamar Austin, TX Property type Multifamily new construction Seller (equity) Size Aspen Heights 360 units JLL has been retained on an exclusive basis to secure a joint venture equity partner for the development of Koenig & Lamar, a six-story, Class A, 360-unit, 249,850 net rentable square foot, mid- rise multifamily property located just 5 miles from the Austin CBD. 13
Austin / San Antonio 2017 in-market deals The Reserve at Lone Oak San Antonio, TX Property type Multifamily Seller Encore Residential Year built /renovated 2014 Size 200 units Occupancy 90% The Reserve at Lone Oak, a 2014 construction, one-of-a-kind, Class A community comprised of 200 units in South San Antonio. This luxury complex conveniently located on Liedecke road, offers a desirable sub-urban lifestyle with quick access to major retail, entertainment and employers in San Antonio. . Kyle Land Tract Kyle, TX Property type Multifamily/Land Seller SCC Kyle Partners, Ltd. Size 15 +/- acres JLL is pleased to present the opportunity to acquire the fee-simple interest in Village at Kyle. Village at Kyle sits on +/-15 acres in Kyle, TX right off of Interstate 35. The surrounding development includes the 300,000 SF Seton Hospital with up to 600 employees and approximately 150 beds as well as a 100,000 SF medical office building, Wal-Mart Supercenter & Lowe’s. Kyle is also one of the fastest growing cities in Texas, with a population growth of 493% over the past 15 years. 14
Boston/New EnglandBoston has been one of the top performing Boston continues to generate stable rental demand, thanks tomultifamily markets in the country in recent an abundance of world-class universities and medical centers, ayears, with a healthy development pipeline desirable urban core, and a shortage of for-sale product. Theand strong fundamentals. trend of urbanization continues throughout the city, stabilizing Boston as a truly diversified economy attracting both established companies and growing start-ups. Since 2010, development has been focused in urban and accessible outer urban locations. Development has recently shifted to quality suburban areas, a trend that will continue through 2017 and beyond.Key contacts Michael Coyne Heather Brown Managing Director Executive Vice President Travis D’Amato +1 617 531 4298 +1 617 531 4211 Managing Director michael.coyne@am.jll.com heather.brown@am.jll.com +1 617 531 4156 *Finance specialist travis.damato@am.jll.com Brendan Shields Vice President >>> Learn more Kevin Gleason +1 617 531 4278 15 Vice President brendan.shields@am.jll.com +1 617 316 6595 kevin.gleason@am.jll.com
Boston/New England 2016 select closed dealsThe Victor Hanover CambridgeParkBoston, MA Cambridge, MASize 286 units Size 398 unitsType Multifamily sale Type Multifamily saleBuyer GID Buyer GIDDate closed Q3 2016 Date closed Q2 2016Price $187,000,000 Price $215,000,000Hanover Vinnin Square Residences at River’s EdgeSwampscott, MA Medford, MASize 184 units Size 222 unitsType Multifamily sale Type Multifamily saleBuyer TA Associates Buyer John HancockDate closed Q3 2016 Date closed Q2 2016Price $67,000,000 Price $90,300,000 16
Boston/New England 2017 in-market deals One Upland Norwood, MA Property type Garden Seller Campanelli Year built / renovated 2016 Size 262 units Occupancy In-lease up Garden Style luxury apartments that are new to this market. 2 & 37 Washington Melrose, MA Property type Mid-rise Seller Wood Parters/CBREIG Year built / renovated 2016 Size 182 units Occupancy In lease-up This transit-oriented property is unique as it features 182 units within three buildings, giving it a boutique feel. Currents on the Charles Waltham, MA Property type Mid-rise Seller Hines Year built / renovated 2015 Size 200 units Occupancy 95% Luxury property with access to Downtown Boston, Cambridge, and the best suburban employment center in Massachusetts. 17
Chicago/Midwest 215 West LakeCan you drop this in: The Chicago CBD has absorbed an Chicago, ILannual average of nearly 2,000 new multifamily units overthe last 10 years. This is a result of the increased desirability of Size 265 unitsdowntown living, a large scale return to the city of major Type Multifamily construction financing andsuburban employers, and the CBD preference of new rapidly Client equitygrowing technology firms. Rental development continues to Date closed Moceri + Roszak LLCdominate new deliveries, even though the condo oversupply Pricefrom the recession has been largely absorbed. This is the result Q1 2016of a combination of factors: strong rental market fundamentals,strong institutional investor interest in this asset class, lower risk $90,800,000for developers in rental product, and historically low cap ratesfor stabilized rental product.Nearly 2,500 units were absorbed in 2016. While new deliveriesare expected to outpace absorption in 2017 with an estimated4,500 units coming online; total absorption will increase as aresult of continued migration of employers downtown, resultingin improvement employment fundamentals and in increase inthe base level of demand for housing.Key contacts Keith Largay Ryan Cahalan Managing Director Vice President David Hendrickson +1 312 228 3111 +1 312 228 2905 Managing Director keith.largay@am.jll.com ryan.cahalan@am.jll.com +1 312 228 2517 *Finance specialist *Finance specialist david.hendrickson@am.jll.com *Finance specialist Maggie Coleman Elizabeth Gagliardi Managing Director Senior Vice President Tim Noonan +1 312 228 2975 +1 312 228 2497 Managing Director maggie.coleman@am.jll.com liz.gagliardi@am.jll.com +1 312 228 2244 *Finance specialist *Finance specialist tim.noonan@am.jll.com *Finance specialist >>> Learn more Charles Johanns 18 Executive Vice President +1 312 228 3747 charles.johanns@am.jll.com *Finance specialist
Dallas/Fort Worth North Texas has been a consistent job generator, posting annualized gains in the 100,000 range. Since 2010, DFW has added 732,000Dallas/Fort Worth (DFW) is the largest jobs, which equates to 3.9 percent of all U.S. job gains over the samemetropolitan area in Texas and the fastest- period. In 2016 alone, nearly 115,000 jobs were added, putting DFWgrowing MSA in the United States and is as the number one job generator in the United States as of year-end.globally recognized as a top economic hub. The one “knock” about the national recovery has been that a largeDFW boasts the largest concentration of corporate proportion of the jobs created have been in the lower-wage category,headquarters in the United States with 269 mostly in the service industries. DFW counters this trend.headquarters and has 12 four-year universities inthe region. In 2015, high-wage growth outpaced the low-and mid-levels in dramatic contrast to other U.S. regions. In terms of numbers, 36 percent of the jobs added in 2015 were in the high-wage category of $72,000 plus. In the fourth quarter of 2016, the DFW apartment market saw net leasing of 10,485 units, the highest demand on record for a fourth-quarter period in the region. Due to the increase in rental demand, DFW rents were up more than six percent in 2016.Key contacts Bill Simmons Jorg Mast Senior Vice President Senior Vice President Jeff Price +1 214 438 6352 +1 214 438 6561 Managing Director williamt.simmons@am.jll.com jorg.mast@am.jll.com +1 214 438 6401 jeff.price@am.jll.com Tim Jordan >>> Learn more Managing Director 19 David Fersing +1 214 438 6477 Vice President tim.jordan@am.jll.com +1 214 438 6176 *Finance specialist david.fersing@am.jll.com
Dallas / Fort Worth 2016 select closed dealsSt. Laurent VV&MGrand Prairie, TX Dallas, TXSize 372 units Size 310 unitsType Multifamily sale Type Multifamily saleBuyer Priderock Capital Partners Buyer Mindful PropertiesDate closed Q1 2016 Date closed Q3 2016Price Confidential Price ConfidentialAlta Cobb Hill The Oaks of Valley RanchFresco, TX Irving, TXSize 340 units Size 528 unitsType Multifamily sale Type Multifamily saleBuyer Adams LaSalle Realty Buyer Harbor Group InternationalDate closed Q3 2016 Date closed Q4 2016Price Confidential Price Confidential 20
Dallas / Fort Worth 2017 in-market deals Lot B Richardson, TX Property type Four and five story wrap with Seller structured parking JLB Partners & Crow Holdings Year built 2016 Size 299 units Occupancy 82% Lot B is located in the core of the new CityLine Development and is redefining urban living in Richardson, Texas, with a truly walkable “live, work, play” environment. The property’s pedestrian-friendly address offers immediate access to major employers, top-notch retail and dining venues and almost direct access to DART. Soho Parkway McKinney, TX Property type Three story garden walk up Seller with 124 garages Starlight U.S. Multi-Family Year built 2008 Size 379 units Occupancy 92% This urban-style, value-add multifamily property is located in one of the premier residential markets in DFW, offering a high quality of life and a progressive economic climate. The opportunity to raise rental rates through a value-enhancement program in a strengthening market makes Soho Parkway a strong investment. Western Station Fort Worth, TX Property type Two story townhome with 100% direct access garages Seller WRH Realty Services Year built Size 1998 202 units Occupancy 98% This value-add multifamily property is located in the high growth corridor of North Fort Worth, providing residents with an enviable living environment adjacent to the master-planned community of Fossil Creek, while being just minutes away from numerous employment opportunities, excellent transportation arteries, an abundance of retail services and plenty of outdoor recreational amenities. 21
Denver & Salt Lake CityThe Denver and Salt Lake City economies This performance has not gone unnoticed as both cities havecontinue to outperform the nation, with excelled in popular rankings:unemployment rates near 3.0% and annualjob growth of 3.0%-3.5%. Both markets feature Top States for Business (CNBC)young, well-educated workforces and pro- Utah #1, Colorado #3business climates – assets that will continue toattract new businesses. Thanks to their diverse Top Cities for Business and Careers (Forbes)economies, access to recreation, and quality of Denver #1, Salt Lake City #2life, Denver and Salt Lake City continue to attractsignificant interest from new residents. Best Start-A-Career Places (New York Times) Salt Lake City #1, Denver #2 Lowest Metro Unemployment Rate Salt Lake City #1, Denver #1 (Tied) Personal Income Growth Colorado #2, Utah #5 High demand in both markets has led to record rent growth and home price appreciation; however, Denver and Salt Lake City remain affordable when compared to the coastal markets.Key contacts Ray White Alex Buecking Vice President Managing Director, Finance Pat Stucker +1 303 260 6502 +1 303 542 1507 Managing Director ray.white@am.jll.com alex.buecking@am.jll.com +1 303 260 6518 *Finance specialist pat.stucker@am.jll.com >>> Learn more 22
Denver & Salt Lake City 2016 select closed dealsThe Glen at the Jones District Park Place at 92ndCentennial, CO Westminster, COSize 306 units Size 228 unitsType Financing Type Investment saleBuyer Opus Group Buyer Bascom GroupDate closed Q3 2016 Date closed Q1 2016Price Confidential Price $29.8 millionSloan’s Lake EagleviewLakewood, CO Colorado Springs, COSize 253 units Size 65 unitsType Equity Type FinanceBuyer Hines Buyer SkylineDate closed Q1 2016 Date closed Q3 2016Price Confidential Price Confidential 23
HoustonHouston is the nation’s 4th largest city with over 150,000 Within the last year, Houston has become a growing industry leadernew residents annually. Its diverse economy includes various in health and life sciences, technology development, diversifiedindustries including biotechnology, aviation, advanced manufacturing, and distribution and logistics.manufacturing, and is home to approximately twenty-sixFortune 500 companies. Houston has a strong international presence with over ninety foreign official representations, high quality of life with renowned retail/dining/entertainment venues, and The Texas Medical Center (the largest medical center in the world). • Over 150,000 new residents annually • Approximately 75,000 jobs created each year • 17.5 million visitors annually - translating to a tourism industry that supports more than 123,000 jobs • The Texas Medical Center is the 8th largest business district in the nationKey contacts Chip Nash Tom Fish Managing Director Executive Vice President Greg Austin +1 713 888 4084 +1 713 888 4047 Managing Director chip.nash@am.jll.com tom.fish@am.jll.com +1 713 888 4028 *Finance specialist greg.austin@am.jll.com Paul R. House Managing Director James Brolan Bob Heard +1 713 888 4090 Senior Vice President Vice President paul.house@am.jll.com +1 713 425 5881 +1 713 888 4074 james.brolan@am.jll.com bob.heard@am.jll.com >>> Learn more 24
Houston 2016 select closed dealsBroadmead Lookout HollowHouston, TX Selma, TXSize 235 units Size 356 unitsType Garden-style Type Garden-styleBuyer Nitya Capital Buyer HRPDate closed 2016 Date closed 2016Windsor Estates *closing soon LaMonte Park *closing soonTexas City, TX Houston, TXSize 400 units Size 128 unitsType Garden-style Type Garden-styleBuyer STETIN GRAY Partners Buyer LaMonte Park LLCDate closing 2017 Date closed 2017 25
Houston 2017 in-market deals The Plantation Garden-style 2012, 2013 Mission, TX 300 units Property type 93% Year built Size Occupancy The Plantation is a two-phase development located in the Sharyland Plantation, one of the city’s most distinguished communities. The asset has premium amenities and is next to the new Sharyland Business park. Gulf Breeze Garden-style Corpus Christi, TX Property type Year built 2006 Size 200 units Occupancy 98% Gulf Breeze is located in one of the densest areas for job opportunities in Corpus Christi. The area has over 300 companies with over 250 employees each. The asset is well maintained with excellent stone accent curb appeal. Stonebrook Garden-style 2007 Tyler, TX 172 units 94% Property type Year built Size Occupancy Stonebrook is unique in its location between two of the area’s major transportation highways, I-69 and I-110. Nearby are major employers with well over 1,000 employees including higher education facilities, major retailers, and health science centers. 26
Los Angeles The Los Angeles multifamily market continues to experience some of the highest rents and rent growth rates in the nationThe Los Angeles economy continues to paint while many of the metro’s most desirable submarkets havea promising picture with steady population seen a robust development pipeline in recent years. Despitegrowth, strong job gains and an extremely low new supply on the horizon, Los Angeles has been andunemployment rate, down 1.0% from last year to continues to be a historically undersupplied market,4.5%. Additionally, wage growth has already demonstrated by accelerated lease-up rates at newly deliveredbegun in Los Angeles, outpacing inflation at 2.8% properties and the consistently high rents being achievedyear-over-year. across the basin. Los Angeles’ strong economic fundamentals coupled with consistent demand for multifamily product position the City as a sound investment climate for years to come.Key contacts Patrick Inglis Brian Halpern Senior Vice President Managing Director Javier Rivera +1 213 239 6143 +1 310 595 3626 Executive Vice President patrick.inglis@am.jll.com brian.halpern@am.jll.com +1 213 239 6213 *Finance specialist javier.rivera@am.jll.com >>> Learn more S. Ross Moore 27 Vice President +1 310 595 3651 ross.moore@am.jll.com *Finance specialist
Los Angeles 2016 select closed dealsUniversity Glen Apartments 433 Spring StreetCamarillo, CA Los Angeles, CASize 386 units Size 360,000 s.f.Type Investment sale Type Investment saleBuyer Kennedy Wilson Buyer Rising Realty and Lionstone InvestmentsDate closed Q3 2016 Date closed Q2 2016Price $81,000,000 Price $80,400,000University Glen Development Parcel *under contractCamarillo, CASize 32 acresType Development land saleBuyer Confidential until closeDate closed Under contractPrice TBD 28
Los Angeles 2017 in-market deals Angels Landing Development parcel City of Los Angeles/CRA Los Angeles, CA 2.26 acres (approx. 98,000 sf) Property type Seller Size Angels Landing is Downtown Los Angeles’ most covetable remaining development parcel at the confluence of Bunker Hill, the CBD and the Historic Core. The opportunity is being offered as a fee-simple sale through an RFQ and RFP process with the City of Los Angeles for the opportunity to build a hallmark property with up to 1.3M SF of development potential and unlimited height. 29
Miami/FloridaFlorida’s economic indicators continue to post impressive These accumulated gains have sustained solid absorption ofresults this economic cycle with robust growth expectations. heightened inventory additions with accompanying effective rent growth across the full spectrum of asset classes. Florida is now the third most-populated state in the country and is forecasted to be the fastest growing over the coming ten years, adding 4.61 million people (+21.9 percent). Labor force participation and employment have expanded to new highs, the state boasts Moody’s Aa2 credit rating with unemployment at 4.9 percent. Through 2027 Florida is projected to add 1.23 million jobs (+14.5 percent), ranking third in the nation.Key contacts Denny St. Romain Jeff Morris Managing Director Managing Director Jubeen Vaghefi +1 954 653 3235 +1 407 982 8690 International Director denny.stromain@am.jll.com jeff.morris@am.jll.com +1 305 789 6519 jubeen.vaghefi@am.jll.com *Finance specialist Alex Kupp Vice President Matt Wilcox Charles Crapse +1 954 233 3443 Managing Director Senior Vice President alex.kupp@am.jll.com +1 904 662 5244 +1 305 704 1325 matt.wilcox@am.jll.com charles.crapse@am.jll.com *Finance specialist *Finance specialist >>> Learn more 30
Miami/Florida 2016 select closed dealsSofA Delray EOS ApartmentsDelray Beach, FL Orlando, FLSize 172 units Size 296 unitsType Investment sale Type Investment saleBuyer Mesirow Financial Buyer Raia PropertiesDate closed Q3 2016 Date closed Q4 2016Price $62,400,000 Price $52,000,000The Coves of Brighton Bay Cottages at Hunters Creek & La Palazza at MetrowestSt. Petersburg, FL Orlando, FLSize 382 units Size 1,042 unitsType Investment sale Type DebtBuyer Cortland Partners Client Carroll OrganizationDate closed Q1 2016 Date closed Q2 2016Price $53,480,000 Price $104,280,000 31
Miami/Florida 2017 in-market deals Milagro Delray Beach, FL Property type Mid-rise Seller JP Morgan Year built 2013 Size 237 units Occupancy 92% Milagro Coral Gables is located in the preeminent Coral Gables district of Miami, Florida. One of only three apartment communities within the high-street Miracle Mile enclave, a chic pedestrian- friendly corridor that features over 100 trendy shops, restaurants and bar. 4 West Las Olas Fort Lauderdale, FL Property type High-rise Client Elevate Partners Year built Proposed Size 259 units Occupancy N/A One of the most compelling redevelopment opportunities in South Florida, 4 West Las Olas has frontage along the New River and is located at the confluence of Downtown’s two vibrant entertainment districts: Las Olas Boulevard and Himmarshee Village. The building visibility sits at the terminus of the world-famous Las Olas Boulevard and boasts a Walk Score of 95. 32
New York Propelled by its unparalleled employment opportunities, incomparable transit infrastructure through multiple modes,At $41.8 billion, Manhattan investment sales vibrant retail, hotel, cultural, and green space amenities, andvolume remained healthy in 2016, outpacing the prestigious colleges and universities, among otherprior five-year average of $39.4 billion considerations, perhaps no other city in the country is more emblematic of the macroeconomic phenomenon of urbanization than New York City. These factors have attracted high-quality talent, behooving an increasingly diverse set of employers to establish operations in Manhattan and the outer boroughs waterfront areas. The market’s strong economic performance in this cycle has reinforced multifamily market fundamentals, marked by low- single-digit vacancy rates and an uptick in construction activity throughout the five boroughs.Key contacts Max Herzog Keith Kurland Managing Director Executive Vice President Aaron Appel +1 212 812 5815 +1 212 812 6519 Managing Director max.herzog@am.jll.com keith.kurland@am.jll.com +1 212 812 6459 *Finance specialist *Finance specialist aaron.appel@am.jll.com *Finance specialist >>> Learn more 33 Jonathan Schwartz Senior Vice President +1 210 812 6567 jonathan.schwartz@am.jll.com *Finance specialist
New York 2016 select closed dealsAmerican Copper Buildings HFZ PortfolioNew York, NY New York, NYSize 761 units Size 290 unitsType Multifamily financing Deal type Residential condominiums refinanceClient JDS Development Group Client HFZ Capital GroupDate closed Q4 2016 Date closed Q4 2016Price $660,000,000 Price $600,000,00020 Broad Street BuchananNew York, NY New York, NYSize 480,000 s.f. Size 289 unitsType Type JV equityDate closed Mixed-use debt and equity Client Madison Realty Capital Date closed Q1 2016Price Q1 2016 Price $270,000,000 $170,000,000 debt and equity $125,000,000 financing $45,000,000 preferred equity 34
Greater PhiladelphiaThe Greater Philadelphia area, the nation’s sixth largest Philadelphia boasts strong economic fundamentals. Themetropolitan area and second largest region on the East strength and desirability of Greater Philadelphia isCoast, is situated in the heart of the northeast corridor characterized by its economic diversity and populationand is the keystone of major north-south, east-west density. Its location, high concentration of educational,highway and rail networks. More than 100 million people medical, and government facilities and a strongare within a one day drive of Philadelphia. transportation network underscore these strengths. Residents of the Philadelphia area have always enjoyed a quality of life ranked among the highest in the country. In addition to the numerous and growing number of high quality urban housing opportunities, there are abundant desirable suburban communities that are easily accessible by one of the country’s best highway and mass transit systems.Key contacts James Galbally Chad Orcutt Managing Director Senior Vice President Erin Miller +1 215 988 5551 +1 215 988 5504 Senior Vice President james.galbally@am.jll.com chad.orcutt@am.jll.com +1 215 988 5506 erin.miller@am.jll.com Brett Grifo >>> Learn more Senior Vice President 35 John Plower +1 215 399 1837 Senior Vice President brett.grifo@am.jll.com +1 215 399 1804 john.plower@am.jll.com
Greater Philadelphia 2016 select closed dealsRushwood & Winchester Walk The Lantern at Glen MillsPhiladelphia, PA Glen Mills, PASize 710 units (three-property portfolio) Size 280 unitsType Investment sale Type Investment saleBuyer Premier Properties Buyer TH Real EstateDate closed Q1 2016 Date closed Q2 2016Price $73,000,000 Price $66,100,000Stonegate ApartmentsElkton, MDSize 260 unitsType Investment saleBuyer Lowe EnterprisesDate closed Q2 2016Price $37,050,000 36
Greater Philadelphia 2017 in-market deals Dalian on the Park Philadelphia, PA Property type Mid-rise Seller Dalian Development LLC Year built 2016 Size 293 units Occupancy Lease-up Dalian on the Park is the newest and most stylish residential community in Center City Philadelphia. The Property is surrounded by world class attractions, neighborhood restaurants, pubs, parks and scenic trails. A 55,000 square foot Whole Foods and a CVS (which are excluded from offering), occupy ground-floor space onsite, offering residents lifestyle amenities rarely found in apartment living. Public Ledger East Tower Philadelphia, PA Property type High-rise Seller Year built / renovated Carlyle Revolution Size Occupancy 1921/1991 & 2007 290,000 square foot redevelopment opportunity N/A The East Tower of the Public Ledger Building is approximately 290,000 square feet in a thirteen-story office building situated at the corner of 6th and Chestnut Streets in the heart of the Washington Square West neighborhood of Philadelphia. Featuring classic architecture and best-in-class design, the Property represents one of the most high-profile residential or hospitality redevelopment opportunities in one of the most affluent and historic neighborhoods in the entire city. 37
Phoenix/Las Vegas regionPhoenix and Las Vegas have been the Despite recent sweeping political changes, Phoenix and Lasbeneficiaries of a long and steady growth cycle. Vegas are steadfast in their growth and projected to exceedSteady employment and economic growth coupled expectations over the forecast horizon. Strong apartmentwith positive population and demographic trends demand will continue to fuel rent growth and absorption acrosshave led to robust multifamily rent growth and tight both greater metropolitan areas.vacancies across both markets. All of these positive macro- and micro-indicators have helped multifamily sales maintain their accelerated pace, driven by secondary markets across the southwest. • Secondary market activity such as Phoenix and Las Vegas, continue to make up the largest portion of sales volume. • Investors have become more selective as the current cycle matures and are beginning to explore additional options to the current record low cap rates in primary markets.Key contacts Charles Steele Robert Kline Executive Vice President Managing Director John P. Cunningham +1 602 282 6310 +1 602 374 9497 Executive Vice President charles.steele@am.jll.com robert.kline@am.jll.com +1 602 282 6314 *Finance specialist john.cunningham@am.jll.com >>> Learn more 38
Phoenix/Las Vegas region 2016 select closed dealsScottsdale Horizon Loft 5Scottsdale, AZ Las Vegas, NVSize 330 units Size 241 unitsType Multifamily sale Type Multifamily saleSeller Rockwood Capital / Alliance Residential Seller Dune Real Estate Partners / KRE CapitalDate closed Q4 2016 Date closed Q4 2016Price $51,000,000 Price $51,500,000South Blvd McClintock StationLas Vegas, NV Tempe, AZSize 320 units Size 423 unitsType Multifamily sale Type Equity procurementSeller The Praedium Group GP/LP Fore Property Company / AEWDate closed Q3 2016 Date closed Q1 2016Price $53,600,000 Price Confidential 39
Phoenix/Las Vegas region 2017 in-market deals Aura on Broadway Tempe, AZ Property type Garden Year built 2016 Size 194 units Occupancy 95% Aura on Broadway is ideally located in burgeoning city of Tempe, just minutes from Downtown and Arizona State University. The Property’s condominium-quality interior finishes, market-leading amenity package, and traditional garden community design are combined with an infill, core location to allow Aura on Broadway to out-perform its denser, more expensive competition over the long-term. Volaré Garden 2015 Las Vegas, NV 360 units 93% Property type Year built Size Occupancy Located in south Las Vegas, in the Southern Highlands master planned community, Volaré features desert craftsman style architecture in a best-in-class, luxury community with spectacular amenities and interiors. Constructed by an institutional developer and general contractor, the Property appeals to an affluent resident profile. Avondale Development Site Avondale, AZ Property type Development land site Size 11 acres Located a half mile south of Interstate 10, this development site consists of 11 acres in city of Avondale in the West Valley – a growing and diverse submarket of Metro Phoenix. Population and in-migration continue to exceed expectations and reach beyond previous peaks in the Metro creating demand for apartments. 40
San Diego • 31,000 jobs added over the last 12 monthsSan Diego is one of the most desirable places to • Unemployment is 4.3%, the lowest since May 2007live and one of best performing multifamily marketsin the United States due to the high quality of life, • Median price of a single-family home is $573,000strong economic fundamentals and high barriers toentry. • 54% of San Diegans own, compared to the national average of 64% • 6.1% rent growth in 2016 • 3.7% vacancy rate • Projected to add less than 3,000 units annually through 2021 with an annual population growth of 30,000-40,000 San Diego supply and demand 5,000 8% 4,000 7% 3,000 6% 5% 2,000 4% 1,000 3% 2% 0 1% -1,000 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Deliveries Net Absorption Vacancy U.S. VacancyKey contacts Kip Malo Mike Easter Vice President Executive Vice President Darcy Miramontes +1 858 410 6340 +1 949 885 2925 Executive Vice President kip.malo@am.jll.com mike.easter@am.jll.com +1 858 410 6341 *Finance specialist darcy.miramontes@am.jll.com >>> Learn more 41
San Diego 2016 select closed deals Dylan Point Loma 180 units San Diego, CA Investment sale Size LaSalle Investment Type Management Q3 2016 Buyer $90,000,000 Date Price Dylan Point Loma represents the first new development in the Point Loma neighborhood of San Diego in a quarter century. Brand new, coastal construction of this caliber is extremely rare in the market, making this asset a solid investment for years to come. Estancia 100 units Investment sale Escondido, CA Vista International Q2 2016 Size $16,500,000 Type Buyer Date Price Estancia is less than a mile from vibrant downtown Escondido, a very attractive multifamily market that offers residents restaurants, nightlife, art galleries, theaters and civic events. The Property also allows easy access to all of North County San Diego’s major employment centers, shopping, dining, higher education, craft breweries, wineries, recreation activities and theme parks. The Commons at Town and Country *under contract San Diego, CA Property type Mid-rise development Seller Lowe Enterprises Year built / renovated & AECOM Capital Size Future development 690 units, 6.32 acres The Commons at Town and Country is a unique apartment development that will offer residents access to select resort amenities and facilities at the Town and Country Resort, currently undergoing a complete renovation. Town and Country is directly adjacent to a transit center and will offer residents direct access to Mission Valley’s world-class shopping, dining and employment. 42
San Diego 2017 in-market deals Broadstone Coronado on the Bay Coronado, CA Property type Garden Seller Alliance Residential Year built / renovated & PGIM Real Estate Size 1971 / 2016 549 units Broadstone Coronado is a unique coastal property offering 549 luxury units that won the 2016 MFE Grand Award for National Apartment Renovation of the Year. Its location directly on the waterfront of San Diego Bay makes it one of the most prestigious communities on the West Coast. It will be coming to market in early 2017. Hillcrest Land Site Development opportunity County of San Diego San Diego, CA Future development 6.57 acres Property type Owner Year built / renovated Size The County of San Diego is seeking qualified parties to develop 6.57 acres of land located in Hillcrest, one of San Diego’s hottest urban neighborhoods, near UC San Diego Medical Center. Cedar/Kettner Land Site San Diego, CA Property type Development opportunity Owner County of San Diego Year built / renovated Future development Size 0.59 acres Cedar/Kettner offers a developer the rare opportunity to build a high-rise multifamily development in one of Downtown San Diego’s most exclusive and popular neighborhoods, Little Italy. 43
Seattle Seattle leads the nation in technology/STEM growth, and is ranked by NerdWallet as the second best place for STEM graduates. It isSeattle is the commercial force of the Pacific also the #1 best paying city for software engineers. Recent censusNorthwest. It offers a stable and robust investor data showed that median household incomes in Seattle toppedmarket with a record setting 2016 multifamily $80,000, a nearly $10,000 jump in one year. This is the biggestsales volume of $5.17 billion. The market leap among the largest U.S. cities.continues to grow because of its impressiveemployment gains, rising income levels, a strong Seattle’s flourishing, multifaceted economy is home to some of theinvestor pool, and constant in-migration of out-of- world’s most respected companies and organizations. Amazon,state residents. Google, Facebook and other technology firms are rapidly hiring to fill their new and expanding office space. Amazon employs over 25,000 within the city and currently has over 9,000 job openings posted in Seattle. Amazon is expected to occupy nearly 12 million square feet of office space by 2022, hosting over 85,000 employees. Seattle has outperformed the national average job growth by 2.1 percent, at 3.8 percent year-over-year. The MSA is projected to add 1.4 million new residents by 2040, a 38 percent increase, pushing the area’s population above the San Francisco Bay Area.Key contacts Corey Marx Seth Heikkila Managing Director Senior Vice President David Young +1 206 607 1726 +1 206 607 1732 Managing Director corey.marx@am.jll.com seth.heikkila@am.jll.com +1 206 607 1719 david.young@am.jll.com >>> Learn more 44 Ray Allen Managing Director +1 206 607 1788 ray.allen@am.jll.com
Seattle 2016 select closed dealsLIV Bel-Red Avalon BrandemoorBellevue, WA Lynwood, WASize 451 units Size 506 unitsType Investment sale Type Investment saleBuyer Kennedy Wilson Buyer GreystarDate closed Q3 2016 Date closed Q4 2016Price $172,000,000 Price $132,000,000Radius Arcadia TownhomesSeattle, WA Federal Way, WASize 282 units Size 309 unitsType Investment sale Type Investment saleBuyer Undisclosed Buyer Priderock Capital PartnersDate closed Under contract Date closed Q4 2016Price Confidential Price $68,500,000 45
Seattle 2016 select closed dealsTivalli Berkshires on ElliottLynwood, WA Seattle, WASize 383 units Size 233 unitsType Investment sale Type Investment saleBuyer Kennedy Wilson Buyer Griffis ResidentialDate closed Q1 2016 Date closed Q1 2016Price $94,250,000 Price $90,750,000Cook Street Apartments The ReservePortland, OR Federal Way, WASize 206 units Size 401 unitsType Investment sale Type Investment saleBuyer Berkshire Property Advisors Buyer ConAmDate closed Q2 2016 Date closed Q3 2016Price $69,000,000 Price $63,800,000 46
Washington D.C./Mid-AtlanticThe DC Metro area continues to be one of the most An average of 43,600 new jobs are projected annually over thestable and sought after investment markets in the next five years. These jobs are primarily driven by the privatenation. For the second straight year, Metro DC job sector, which has been a major source for the area’s economicgrowth is 2.0 percent—outpacing the national average growth. The expansion in legal, consulting, cyber-security, andof 1.6 percent with apartment absorption exceeding non-profit jobs are growing the renter population with well-supply and metro-wide stabilized vacancy at 3.8 educated and affluent millennials.percent. The region continues to benefit from a strong and stable apartment market drawing domestic and international investors who want to take advantage of one of the most resilient real estate markets in the United States. Significant investment indicators include a healthy regional economy that has steadily increased employment year-over-year, strong demographics with a highly-educated workforce, and a median household income nearly twice the U.S. average.Key contacts Robert Garrish Shawn McDonald Executive Vice President Executive Vice President Christine Espenshade +1 202 719 5811 +1 703 891 8425 Managing Director robert.garrish@am.jll.com shawn.mcdonald@am.jll.com +1 202 719 5668 christine.espenshade@am.jll.com *Finance specialist Anthony Hebenstreit >>> Learn more Vice President 47 +1 703 891 8416 anthony.hebenstreit@am.jll.com
Washington D.C./Mid-Atlantic 2016 select closed dealsDominion Towers Excelsior ParcArlington, VA Reston, VASize 330 units Size 5 acres, 457 proposed unitsType Investment sale TypeBuyer Capital Investment Advisors Buyer Construction/financing and joint ventureDate closed Q4 2016 Date closed Foreign bank andPrice $63,375,000 Price off-shore private equity fund Q3 2016 $115,000,000 construction financing $57,400,000 Joint ventureThe Beacon of Groveton Fort Chaplin ParkAlexandria, VA Washington, DCSize 290 units Size 549 unitsType Investment sale Type Investment saleBuyer Friedkin Realty Group Buyer Standard Property GroupDate closed Q1 2016 Date closed Q3 2016Price $70,150,000 Price $49,000,000 48
Washington D.C./Mid-Atlantic 2017 in-market deals Versailles Apartments Towson, MD Property type Garden Seller RREEF Year built 1969 Size 210 units Occupancy 96% Versailles is a 210-unit value,-add garden-style rental community located in Towson, Maryland. One of the most prominent rental communities in Towson, the Property offers new ownership the opportunity to increase rents and drive NOI by completing a unit renovation program. Takoma Central Washington, DC Property type Mid-rise Seller Federal Capital Partners Year built 2016 Size 150 units Occupancy 93% Takoma Central is a 150-unit luxury mid-rise community located in one of Washington, DC's most prosperous and stable submarkets— Takoma. The Property has more than 10,000 square feet of prime retail space featuring Busboys and Poets and a soon-to-open wine and charcuterie bar. Fairmont Gardens Annandale, VA Property type Garden Seller The JBG Companies Year built 1962 Size 388 units Occupancy 95% Fairmont Gardens is a 388-unit value, add apartment community located in Fairfax County, one of the region’s most sought-after submarkets. The Property provides investors with the option to acquire a community with excellent upside in an improving Class B market, as well as the opportunity to invest in a community that has significant value-add and redevelopment potential. 49
Finance $3.7 billion 2016 agency lending activityJLL’s Capital Markets experts focus on advisingowners/operators nationally on a variety of Fannie Maecommercial real estate financing services. Freddie MacFrom third-party lending to joint venture equity, our FHAfinance professionals can help you achieve the optimalcapital structure for any multifamily asset. Our $4.6 billionprofessionals are skilled at addressing disposition, 2016 finance activityfinance and local market issues impacting owners and by other capital sourceinvestors of multifamily property. We help clients: Agency • Raise bridge and permanent debt Bank • Raise construction debt through local, regional and Life company Debt fund national banks Other • Structure project-level joint ventures with Fund advisor Conduit institutions and pension fund advisors Pension fund • Structure mezzanine / preferred equity with institutions and high-yield capital providers • Structure co-developments between land owners and developers $8.2 billion 2016 multifamily finance transactionsKey contacts Brian Kelleher International Director Tom Fish +1 614 698 3002 Executive Vice President brian.kelleher@am.jll.com +1 713 888 4047 tom.fish@am.jll.com >>> Learn more 50
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