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News release

Dallas

Institutional Capital Drives Sale of Ultra Luxury Dallas Multifamily Asset

JLL completes sale, secures $44.8 million in acquisition financing of VV&M



Constrained supply of high-end multifamily product and exceptional economic growth continue to drive investment activity in Dallas. On behalf of Criterion Property Company, and Cypress Real Estate Advisors, JLL’s Capital Markets experts today announced the firm completed the sale of VV&M, a newly developed Class A+ multifamily asset in the Platinum Office Corridor in the Addison/Bent Tree submarket. Mindful Management, LLC purchased the 310-unit complex. JLL also secured $44.8 million in acquisition financing through Freddie Mac. The securitized loan will be serviced by JLL through its Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans program.


Managing Director Jeff Price and Senior Vice PresidentJorg Mast led the JLL team on the sale. Executive Managing Director Tim Jordan, Executive Vice PresidentDustin Dulin and Vice President CW Sheehan led JLL’s financing efforts.

 

“VV&M is one of Dallas’ premier residences with an unparalleled live, work, play location and top-tier amenities,” said Price. “This deal is representative of the marked shift away from single-family assets and toward multifamily that Dallas has undergone over the last decade.”

 

Added Jordan, “Businesses want locations where their employees want to live; as a result, the Addison/Bent Tree submarket continues to see exceptional growth. We anticipate institutional capital to remain available for high-end product such as VV&M, especially as supply struggles to keep up with the pace of economic growth.”

 

The complex is directly connected to the newly redeveloped Village on the Parkway, which includes top retail and dining destinations. VV&M is also located in the Platinum Office Corridor, which is home to 4.6 million square feet of office space.

 

VV&M is comprised of one building with four- and five-story sections. The complex features community amenities such as a resident lounge and cocktail bar, a state-of-the-art fitness center, a resort-style pool with cabanas and fireplaces, an outdoor kitchen with a pizza oven, a dog park and an outdoor yoga patio with an on-site instructor. Units feature either granite or quartz countertops, wood-style flooring, washer/dryer sets, stainless steel appliances, vaulted ceilings and wine refrigerators or racks.

 

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 a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:http://bit.ly/18P2tkv.

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About JLL

 

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visitwww.jll.com.