JLL closes sale of Los Angeles apartment community
Final property in 13-property, multi-state portfolio totaling 4,342 units sells to institutional investor
CHICAGO, March 26, 2020– JLL Capital Markets announced today that it has closed the sale of One Santa Fe, a 438-unit, mixed-use, core-plus apartment community located in the Arts District of Los Angeles.
JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering. One Santa Fe is the final tranche of a 13-property multi-housing portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six key U.S. markets, was announced in July of last year.
One Santa Fe is located at the intersection of S. Santa Fe Avenue and E. Third Street in the heart of one of Los Angeles’ trendiest neighborhoods. Completed in 2015, the mid-rise property encompasses a mix of studio, one- and two-bedroom units as well as an 81,000-square-foot retail component known as The Yards at One Santa Fe, which comprises a diverse selection of elegant shops and esteemed dining options surrounding private landscaped walkways. In addition to the prime location convenient to multiple rail lines, community amenities include a zero-edge swimming pool, custom cabanas, outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX® fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service.
The JLL Capital Markets team representing the seller for the Los Angeles tranche of the portfolio was led by Managing Director Blake Rogers along with Executive Managing Director Matthew Lawton and Senior Managing Director Sean Deasy.
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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 of performance 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, Baltimore, Dallas and San Francisco. As of September 30, 2019, Berkshire had approximately $8.8 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com.