JLL closes sale of The Daley at Shady Grove in Rockville
A Black Creek Group investment platform acquires the transit-oriented residential and retail community within Westside at Shady Grove master plan
WASHINGTON D.C., July 24, 2019 – JLL announces it has closed the sale of The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.
JLL marketed the property exclusively on behalf of the seller, a joint venture between EYA, LLC and The Bozzuto Group. Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the asset through one of its investment platforms that owns and operates high‐quality commercial real estate across the industrial, office, retail and multifamily sectors.
The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. Completed in 2017, units average 831 square feet and feature stainless steel appliances, under cabinet lighting, glass tile backsplashes, quartz countertops, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. Community amenities include a resort-style pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; pet spa; Amazon hub package service; and ButterlyMX virtual doorman. The property’s 14,974 square feet of retail space is anchored by Starbucks.
The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella, Stephen Conley and Susan Carras.
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
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.
About EYA, LLC
EYA, LLC is Washington D.C.’s leading developer of urban and transit-oriented properties that promote Life Within Walking Distance®. Founded in 1992, the company, through its development affiliates, has built more than 5,000 homes in over 40 walkable urban neighborhoods across D.C., Maryland and Northern Virginia. For additional information, visit: eya.com.
About The Bozzuto Group
The Bozzuto Group is an experience-focused real estate company distinguished by their innovative developments, dedicated customer service and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve.
Since their founding in 1988, Bozzuto has developed, acquired and built more than 50,000 homes and apartments. Celebrating 31 years of creating sanctuary for their residents, Bozzuto currently manages 75,000 apartments and 2.2 million square feet of retail space along the East Coast, Chicago, Boston, Miami and the Northeast. For additional information, visit: bozzuto.com
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm that has bought or built more than $19 billion of investments over its more than 25-year history. The firm manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has nine offices across North America with more than 300 professionals. More information is available at: blackcreekgroup.com