Dealmaker: JLL Closes 20-Property Portfolio for $106M

JLL Capital Markets, Atlanta, finalized a 20-property Project-Based Section 8 portfolio sale totaling 1,763 units and $106 million across Georgia, North Carolina and South Carolina. 

JLL marketed the property on behalf of the seller, Ambling. Preservation Partners Development; Infinity Real Estate Advisors LLC; and Jonathan Rose Cos. each acquired parts of the portfolio.

Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; Forsyth Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in Macon; Statesboro Summit in Statesboro and Burkestone Place in Waynesboro. Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens and Forsyth Gardens are currently in the middle of a substantial rehabilitation, that will include updated interiors as well as updated and improved community spaces for residents.

Infinity Real Estate Advisors, LLC acquired two North Carolina properties, Fayetteville Gardens in Fayetteville and Salem Gardens in Salem, and five South Carolina communities, Anderson Village in Anderson, Phoenix Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin and Seneca Gardens in Seneca.

Jonathan Rose Companies acquired Savannah Summit in Savannah, Ga.

The JLL Capital Markets team representing the seller was led by Senior Managing Director and co-head of JLL Affordable Housing Doug Childers and Director Michael Fox along with Senior Managing Director Ryan Clutter.

JLL Capital Markets also completed s $19.85 million sale of the 251 Front St. development site located in Brooklyn, N.Y.

JLL worked with the seller, Paul Tocci, and on behalf of the buyer, Cheskie Weisz, to complete the sale.

The development opportunity at 251 Front St. comprises a vacant, 19,991-square-foot lot between Bridge and Gold streets, three blocks from the East River waterfront. The site offers a total of 400 feet of prime, high-visibility corner retail frontage on three different streets. The property can support up to 39,982 buildable square feet of potential development and has a R6B zoning designation that is ideal for a boutique condominium or townhouse project.

The development site also provides convenient access to Flatbush Avenue and I-278, as well as Manhattan Bridge and the Brooklyn Bridge. Located in the DUMBO neighborhood (Down Under the Manhattan Bridge Overpass), it is home to a variety of Brooklyn restaurants, bars and boutique shopping options.

The JLL Capital Markets Investment Advisory team representing the seller includes Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara; and Director Patrick Madigan.

“The 251 Front St. opportunity was one of the last parcels of undeveloped land in the DUMBO neighborhood and Vinegar Hill submarkets,” Palmese said. “The strength of the sale at just under $500 per buildable square foot is evidence of the long-term strength of the market.”