JLL closes sale of 12-property multifamily portfolio
Portfolio consists of Class A+ and B+ properties in 6 key U.S. markets
CHICAGO, July 17, 2019 – JLL announces it has closed the sale of a 12-property multifamily portfolio totaling 3,904 units in six key U.S. markets.
JLL marketed the portfolio on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering.
The well-diversified portfolio features a mix of core, core-plus and value-add assets in Charlotte, Raleigh-Durham, Atlanta, Nashville, Dallas and Houston with no one market containing more than 26% of the total units. All of the markets are above the national average in terms of employment growth, which provides stable and reliable occupancy rates across the portfolio. Units average 922 square feet overall with an average completion date of 2010 and four of the properties also include a retail component.
The JLL Capital Markets team representing the seller was led by executive managing director Matthew Lawton with other team members, including senior managing directors Roberto Casas, Sean Deasy, Todd Marix and Bill Miller; managing directors Chris Curry, Jeff Glenn, Justin Good and Blake Rogers; and senior director Allan Lynch.
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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Berkshire Residential Investments
Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas and San Francisco. As of December 31, 2018, Berkshire Group had approximately $8.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com.
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.