New multi-housing community near Madison sells
JLL Capital Markets closed the sale of 1 Glenn Place to an affiliate of Banner Real Estate Group and arranged $28.275M in acquisition financing
CHICAGO, July 26, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged $28.275 million in acquisition financing for 1 Glenn Place, a 191-unit, multi-housing community in the suburban Madison community of Fitchburg, Wisconsin.
JLL marketed the property on behalf of the seller, Fiduciary Real Estate Development, which developed, constructed and managed 1 Glenn Place and held the asset for three years. An affiliate of Banner Real Estate Group acquired the property. Additionally, working on behalf of the new owner, JLL secured the seven-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
1 Glenn Place consists of studio, one-, two-, and three-bedroom units ranging from 608 to 1,778 square feet. The in-demand suburban home styles range from apartments to stacked flats and townhouses with attached garages. The homes feature plank flooring, outdoor space, chef-inspired kitchens with pantry, walk-in closets with custom shelving and in-unit washers and dryers, along with smart home features, including video intercom system, fob entry, thermostat and USB outlets. Residents enjoy community amenities such as a resort-style pool, outdoor grilling stations, a firepit, clubroom with fireplace and kitchen area and a 24-hour fitness center.
Located at 5351 Nobel Dr., 1 Glenn Place is in Madison’s popular southern suburb of Fitchburg, which is a dynamic community known for idyllic, family-oriented neighborhoods; a thriving tech-based business community and vast green spaces. Fitchburg also boasts a top-rated school district, provides easy access to Madison’s “Beltline” highway and an ideal location just 15 minutes from both downtown Madison to the north and the Epic Systems mega campus to the west. In addition to being the state capital, Madison is home to the world-class University of Wisconsin and UW Health, the No. 1 hospital system in the state. Thanks to a booming economy and a high quality of life, Madison has consistently low apartment vacancy and ranked No. 2 in the Midwest for projected five-year rent growth, according to Axiometrics.
The JLL Capital Markets Investment Advisory team representing the seller included Senior Director Wick Kirby and Director Amanda Friant.
“Suited to Banner’s investment strategy, 1 Glenn is the epitome of long-term ‘forever real estate,’” Schoenfeldt said. “We were delighted that the lending market recognized this and responded with exceptionally strong financing terms.”
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.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fiduciary Real Estate Development
Fiduciary Real Estate Development (“FRED”) was founded in 1985 and is an experienced real estate development and investment management company, focusing on multi-family and mixed-use properties. A fully integrated firm, with in-house development, construction, asset management and property management expertise, FRED currently owns and operates more than 8,000 apartment homes throughout Wisconsin, Minnesota and Illinois.
About Banner Real Estate Group
Banner Real Estate Group is a group of fully integrated real estate operating companies based in Northbrook, Illinois, focusing on the acquisition, management and development of multifamily properties and the development of self-storage facilities nationwide.