BIRMINGHAM, AL – JLL Income Property Trust has bought Lane Parke Apartments, a 276-unit apartment complex that is 97 percent leased. The apartments are located in the Birmingham suburb of Mountain Brook, Alabama, one of the most affluent neighborhoods in the country. The buy price was approximately $73.3 million with an estimated capitalization rate based on buy price of 5.3 percent.

Mountain Brook is in one of the top 5 percent wealthiest zip codes in the United States, and has been referred to as one of the nation’s ‘Super ZIPs’ by the Washington Post, achieving the highest score possible based on income and education. The area features schools that have been rated #1 in Alabama, and a high school that was rated in the top 100 nationally by Newsweek. Historically, LaSalle Investment Management has found that properties located in areas featuring a combination of top incomes and school districts have outperformed the broader apartment market. These communities tend to have restrictive apartment development policies making strong barriers to entry.

“The buy of Lane Parke furthers our apartment acquisition strategy which is geared toward identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry for new apartments,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This is our sixth property investment in the apartment sector as we continue to expand our portfolio’s exposure to a diverse range of geographic markets and property sectors. The investment brings our aggregate apartment allocation to over $280 million across 1,587 total units.”

Lane Parke Apartments features high-quality finishes catering to the local upscale demographics, as well as amenities such as an outdoor terrace, large fitness center, swimming pool with sundeck and lounge area, business center, clubhouse with a demonstration kitchen, outdoor fireplace and grilling station. The property is part of the larger, 28 acre mixed-use development which boasts over 117,000 square feet of high-end retail, including a gourmet grocery store and wine shop, and a Marriott luxury hotel.

JLL Income Property Trust is a non-listed, 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.

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BRONX, NY – New York State and City joined the Center for Urban Community Services (CUCS) to launch the Sydelle, CUCS’ newest supportive housing residence for 107 low-income and special-needs individuals and families. CUCS is a pioneer in rebuilding lives of homeless New Yorkers that serves more than 50,000 people annually.

“For three decades CUCS has been committed to helping families and individuals exit homelessness and rise from poverty. Our integrated support services at the Sydelle will help those who now call it home to rebuild their lives,” CUCS CEO Tony Hannigan said.

Keynote speakers at the ceremony include: Commissioner Vicki Been, NYC Department of Housing Preservation and Development; Commissioner Samuel D. Roberts, NYS Office of Temporary and Disability Help; Commissioner Ann Sullivan, NYS Office of Mental Health; and Deputy Executive Commissioner Gary Belkin, NYC Department of Health and Mental Hygiene.

“Building and subsequently operating a residence like the Sydelle would not have been possible without the support of our partners from New York City and New York State, which has been integral throughout each step of the process from construction through daily operations,” Mr. Hannigan continued.

The Sydelle illustrates how CUCS’ innovative, integrated approach linking housing, health and social services enables individuals and families to exit homelessness and rise from poverty.  On-site services include employment help, household management and coaching, and crisis prevention and intervention. Primary medical care and psychiatric services will be provided at the residence’s on-site medical suite through CUCS’ acclaimed Janian Medical Care program.

The Sydelle is a LEED Silver environmentally certified building with a total development cost of $40 million. Major funding for the development of the building came from the New York State Office of Temporary and Disability Help’s Homeless Housing and Help Program, the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program, and the New York City Housing Development Corporation. Enterprise Community Investment, Inc. served as the project’s Low-Income Housing Tax Credit syndicator. CUCS also received a New York State Energy Research and Development Authority award for the residence.

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CHANDLER, AZ – Emma Capital Investments announced the completion of the acquisition of Crosswinds Apartments, a 374–unit garden style multifamily apartment community located in Chandler, Arizona at a buy price of $22 Million. This is Emma Capital’s 14th buy in the United States and brings Emma Capital’s total acquisitions to date to over $200 million and over 3,000 apartment units.

The Property is strategically located on Arizona Avenue / Pecos Road, less than 1 mile South of Downtown Chandler. The submarket is located approximately 20 miles southeast of Downtown Phoenix, and is an integral part of the thriving SE Valley. With a strategic location, between downtown Chandler and Loop-202, Crosswinds offers exceptional access to numerous demand generators and employer job hubs.

Crosswinds was built in 1984, and has an attractive unit mix, offering studio, one and two bedroom units. The complex features a resort-like swimming pool and Spa, BBQ Grilling Stations, Gorgeous landscaping, Laundry facility, Fitness Center, sport courts a Walking/Jogging Track surrounding the Property as well as Covered Parking.

A significant opportunity exists for Emma Capital to increase the value of the property through a unit interior upgrade program, where units will be modernized with new appliances and flooring in a contemporary style as well as a repainting of the exterior of the Property with a modern color scheme.

“We are pleased to add Crosswinds Apartments to our growing portfolio in the Phoenix Area,” stated founding Partner and Co-Owner Haya Zilberboim. “Chandler is one of the fastest growing urban centers in the United States and is one of the fastest growing High Technology manufacturing cities in the west. Downtown Chandler is undergoing a period of explosive growth. The addition of this property further strengthens our footprint in this rapidly growing market.”

“This investment is our 7th in the Phoenix area,” added Partner and Co-Owner Oz Cohen. “We continue our expansion into new submarkets such as Raleigh and Charlotte, NC while enhancing our presence in the Phoenix and Atlanta areas with the buy of quality value-add assets in strong locations.”

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