PORTLAND, OR – JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, announced the acquisition of Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. The buy price was approximately $75 million.

Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or plotted in the submarket. The suburb is conveniently located along the I-5, providing access to some of greater Portland’s major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco. Wilsonville, which has attracted a growing population of affluent families, also offers an exceptional public school system that Niche.com and US News & World Report have ranked as a top school system both locally and nationally. Wilsonville’s strong employment base and high barriers to entry should result in continued strong demand and future rent growth.

“The acquisition of Jory Trail at the Grove demonstrates JLL Income Property Trust’s strategy to invest in high-quality apartment assets in strong-performing areas featuring a combination of top incomes and school districts,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase stability, growth and have high barriers to entry.”

This acquisition represents JLL Income Property Trust’s ninth property investment in the apartment sector, bringing its aggregate apartment allocation to nearly $600 million and 25% of its overall property portfolio by valuation.

JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

Powered by WPeMatico

NORMAN, OK – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, along with Provident Resources Group, announced that construction has begun on the first phase of a dynamic mixed-use project for the University of Oklahoma (OU). The $194M project will expand the University’s options for on-campus living for upper-class students as part of a public-private partnership (P3).

Located on more than 10 acres in the southern sector of OU’s campus in Norman, Oklahoma, the development will introduce a vibrant, mixed-use experience for both residents and the broader campus community. The project scope includes four distinct mid-rise buildings that will deliver 1,231 student beds, as well as more than 40,000 square feet of integrated dining, shopping, entertainment, fitness, academic and co-curricular spaces, and a parking garage with capacity for 1,000 vehicles.

JE Dunn Construction’s Oklahoma City office is leading the project’s design/build team, in collaboration with Clark Nexsen of Charlotte, NC and Studio Architecture of Oklahoma City. RBC Capital Markets is the financial underwriter for the project.

“Together with the new Dunham and Headington Residential Colleges, this project is going to establish an exciting, new, engaging on-campus living experience at OU designed for upperclassmen. Dunham and Headington Colleges will be over 95 percent full on day one. There is fantastic demand to live on-campus at OU and this project will make it even more exciting for upperclassmen,” said OU Executive Vice President and Vice President for Administration and Finance Nick Hathaway. “This dynamic public-private partnership allowed OU to build these exciting new high quality student facilities with fantastic attention to cost reduction.”

Construction of the project is expected to be completed in August 2018 in preparation for the 2018-2019 academic year. The housing component will be jointly operated and managed by the University and Balfour Beatty Communities.

“This project is a strong example of how public-private partnerships continue to evolve, as we believe it is one of the first comprehensive living community developments to be delivered through the public-private model,” said Josh Smith, senior vice president for Balfour Beatty Campus Solutions. “Our team is thrilled to be working with OU to fulfill their vision and shape an outcome that reinforces the campus’ position as a residential university and expands on-campus housing with a state-of-the-art option for OU students.”

“Provident is very pleased to be the University of Oklahoma’s partner on the project–OU’s first P3 project located on the Norman flagship campus,” said Steve Hicks, chairman and CEO for Provident Resources Group. “Through Provident Oklahoma Education Resources, Provident’s subsidiary, we will be able to serve many of OU’s capital project needs for many years to come. The University of Oklahoma’s commitment to serving its students through the project is to be applauded. Balfour Beatty and RBC Capital Markets did an outstanding job for both OU and Provident in bringing the project financing to completion.”

Powered by WPeMatico

MOBILE, AL – National real estate investor and developer Lightstone announced the acquisition of three multi-family rental properties in Mobile, Alabama, adding a total of 1,327 units to their national holdings, and firmly establishing their footprint in the southern region of the United States.

The three properties most recently bought are all located in the heart of Mobile and were bought for $70.5 million total. They include:

The Estates at Lafayette Square (675 units)– 900 Downtowner Blvd

Pine Bend & Hampton Park (450 units) – 1030 Montlimar Blvd

Bel Air (200 units) – 505 Bel Air Drive

“We’re always looking to grow our portfolio with attractive investment opportunities across the country, and are very pleased to buy these three properties in Mobile,” said David Lichtenstein, Chairman and CEO of Lightstone. “Some of the best growth opportunities available right now are in secondary markets like Mobile. As a national company, we’re keen to establish a footprint in the South with these acquisitions and further grow our position in the region.”

All three properties were constructed in the 1970’s and were excellently maintained by the former owner, Morguard, a Canadian REIT, for over 20 years. Comprised of groups of two-tale buildings, the properties feature attractive, well-designed leasing offices and modern amenities, including clubhouses with lounges, fitness centers, and business centers.

The properties in the portfolio are all located in the Midtown area of Mobile, near the intersection of two main corridors and close to the large, recently renovated Bel Air Mall.

Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio (in 28 states) currently includes over 5.6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 4,766 hotel keys. It also owns over 12,000 land lots across the country.

Powered by WPeMatico