Joint venture equity arranged to develop apartments in Portland, Ore.
JLL Capital Markets secures the equity on behalf of Mill Creek Residential Trust
PORTLAND, Ore., March 2, 2021 – JLL Capital Markets announced today that it has arranged joint venture equity for the development of Modera Morrison, a 247-unit mixed-use multi-housing and retail development in a qualified opportunity zone in Portland, Oregon’s popular Central Eastside.
JLL worked on behalf of the borrower, Mill Creek Residential Trust, in securing the joint venture equity.
Modera Morrison is planned development, pending LEED Silver certification, that will include a seven-story, 247-unit apartment community with about 10,744 square feet of ground-floor retail. Community amenities will include a virtual reality gaming lounge, health club, mixology lounge and rooftop deck with panoramic views and a sky bistro.
With expected completion in 2024, the transit-orientated property has a Walk Score® of 96 and is located at 1120 S.E. Morrison St. Modera Morrison is also proximate to public transportation and within walking distance to various restaurant, grocery, retail and entertainment options. With the area undergoing a revitalization within the last 10 years, new mixed-use multi-housing communities have been taking precedence to accommodate growing interest in the area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ira Virden, Managing Director Mark Erland and Director Matt Benson.
“Despite an extremely challenging environment navigating through COVID-19, and the current supply pipeline, we generated tremendous interest from investors,” Virden said. “The location and development program, coupled with the opportunity to partner with a best-in-class developer like Mill Creek Residential Trust, proved critical during the process.”
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 sales 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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mill Creek
Mill Creek Residential develops, builds, acquires and operates high-quality apartment communities in desirable locations coast-to-coast, including in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. The company immerses itself in local chosen markets to proactively pursue investment opportunities through its seasoned team of real estate professionals in 18 offices across the United States. The company’s deep understanding of each market, our 30+ years of expertise and a fresh, innovative approach to the apartment industry to create places where people thrive – and build real and enduring value for investors, residents and associates.