Cadence at Crown apartments acquired by JRK Property Holdings
JLL Capital Markets closed the sale of the Maryland multi-housing property
WASHINGTON D.C., October 5, 2020 – JLL Capital Markets announced today that it has closed the sale of the 538-unit Cadence at Crown multi-housing property located at 113 Ellington Blvd. in Gaithersburg, Maryland.
JLL represented the seller and completed the sale to the buyer, JRK Property Holdings.
The property consists of studio, one-, two- and three-bedroom apartments averaging 863 square feet. Unit amenities include stainless steel appliances, quartz countertops, sleek finishes, and oversized windows. The asset was also built to LEED standards with energy-efficient appliances, water-saving fixtures and overall sustainability in mind.
Community amenities include a resort-style pool and sun deck with canopies, 24-hour fitness center, Internet café, conference room, gaming lounge, contemporary library, font-desk concierge, pet spa, bike racks, electronic vehicle charging stations and more.
Cadence at Crown is positioned in the I-270 Biotechnology Corridor, a 15-mile stretch of leading scientific and research organizations and also located near the I-270 Technology Corridor, which is home to prominent technology companies such as the National Institutes of Health and National Institutes if Standards and Technology.
The JLL Capital Markets team representing the seller was Managing Directors Walter Coker and Brian Crivella and Director Robert Jenkins.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JRK Property Holdings
JRK Property Holdings is a real estate investment and management firm that has amassed a commercial portfolio throughout the United States valued in excess of $5 billion. The company's portfolio consists of over 35,000 multifamily units, luxury and flagged hotels, and over 2 million square feet of office, industrial, and storage space. JRK’s time-tested ability to identify attractive investment opportunities has allowed them to deliver tremendous returns to investors and outstanding products for residents.