Newly constructed Latitude 45 apartments purchased for $20.5M
JLL Capital Markets closed the sale and arranged financing on behalf of the buyer
PORTLAND, ORE., September 29, 2020 – JLL Capital Markets announced today that it has closed the $20.5 million sale and arranged the $11.275 million financing of Latitude 45, a 90-unit, newly constructed, garden-style apartment community located at 11202 N.E. 20th Street in Vancouver, WA.
JLL worked exclusively on behalf of the seller, Ginn Group, to complete the property sale to a private buyer. JLL also worked on behalf of the buyer to secure a 10-year, fixed-rate acquisition loan through Fannie Mae. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Latitude 45 is located in the Landover-Sharmel neighborhood, which has a plethora of entertainment and shopping options nearby, such as the Vancouver Mall, Four Seasons Shopping Center, the Vancouver Waterfront, and Mill Plain Plaza. The property is close to Interstate 205, providing residents with connectivity to downtown Portland, downtown Vancouver and the Portland International Airport. The community, which completed construction in July 2020, is comprised of one- and two-bedroom units averaging 975 square feet. Latitude 45 community features a community clubhouse, package lockers, and green space.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden and Senior Director Carrie Kahn.
“Strong absorption and demonstrated resiliency during this challenging environment highlight the continued demand from renters and investors for a well-located, high-quality apartment community,” comments Kahn.
JLL’s Capital Markets debt placement team representing the new owner was led by Director Charlie Watson.
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ginn Group
The Ginn Group is a fully integrated residential developer based in Vancouver, Washington, who’s core purpose is to Make a Difference by Creating Community. Ginn currently has 14 active development and construction projects within SW Washington and has successfully developed 65 new communities, totaling over 3,000 housing units. Ginn’s team includes experts in land acquisition and land use, land development, site and building design, construction, sales and property management. Ginn currently has plans to construct approximately 700 multi-family and single-family rental units over the next 3 years – all within in the City of Vancouver.