JLL closes sale, financing of 3 student housing properties
The 294-bed portfolio is located steps from the Missouri State University campus
CHICAGO, November 19, 2019 – JLL announced today that it has closed the $17.7 million sale and $12.95 million in acquisition financing for a three-property student housing portfolio totaling 294 beds steps from Missouri State University in Springfield, Missouri.
JLL marketed the portfolio exclusively on behalf of the seller, a joint venture between Miller Commerce and O’Reilly Development Company, LLC. An undisclosed buyer purchased the offering and JLL worked on their behalf to secure three fixed-rate Fannie Mae acquisition loans totaling $12.95 million. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
The three properties in the portfolio are Deep Elm, a 39-unit/116-bed property located at 701 E. Elm Street; The Jefferson, a 30-unit/86-bed property located at 835 S. Jefferson Avenue; and The Q’ube, 29-unit/92-bed located at 634 E. Bear Boulevard. The portfolio is 98% occupied overall and features an average distance to campus of 0.1 miles.
The JLL Capital Markets investment advisory team representing the seller included Directors Scott Clifton and Stewart Hayes and Senior Managing Director Danny Kaufman.
JLL’s Capital Markets debt placement representing the new owner was led by Managing Director Matthew Schoenfeldt and Director Daniel Kearns.
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Miller Commerce
Miller Commerce, LLC is a real estate investment and development company that specializes in creating unique rental housing options for niche markets. Miller Commerce, as a member of Miller O'Reilly Company, introduced the "by-the-bed" student housing concept to Springfield, Missouri, in 2009 and immediately followed that by developing several other communities at locations pedestrian to the campus of Missouri State University. Miller Commerce is now focusing its development efforts on senior housing. More information about Miller Commerce, its team and what they are currently working on can be found at millercommerce.com.
About O’Reilly Development Company, LLC
O’Reilly Development Company, LLC is a real estate investment and development firm specializing in historic preservation, senior housing, affordable housing, multifamily and student housing communities. The O’Reilly team of experts branch into all areas of development, construction, management and ownership with properties built in the residential, commercial and industrial sectors. oreillydevelopment.com