JLL announced today that it has closed the $38 million sale and arranged $27.4 million in financing for Echelon at Middletown, a 210-home, garden-style apartment community located in Louisville, Kentucky’s affluent East End submarket.
JLL marketed the property exclusively on behalf of the seller, The Garrett Companies, and procured the buyer, Brookview Realty Group. Additionally, JLL worked on behalf of the new owner to secure the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Echelon at Middletown is situated on 12.55 acres at 400 Echelon Way approximately 17 miles east of downtown Louisville in the East End, which is home to stately mansions, top public and private schools and a concentration of top employers. Completed in 2017, the property features a variety of one-, two- and three-bedroom units averaging 1,080 square feet with community amenities, including a resort-style pool and spa, grilling stations, poolside fire pit, off-leash pet park, clubhouse, resident lounge, business center and fitness center with yoga studio. The property also includes 358 surface, attached and detached garage parking spaces.
The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Kyle Butler.
JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Dave Keller and Analyst Nelson Almond.
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.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, 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.
About The Garrett Companies
The Garrett Companies is a full-service multifamily development, construction and management team based in Greenwood, Indiana (Indianapolis MSA). The firm’s team of professionals work in unison to entitle, develop, build and manage multifamily apartment projects across the country. The Garrett Companies is currently active in six states, and has completed more than 50 projects in 14 states.
About Brookview Realty Group
Brookview Realty Group concentrates on purchasing luxury, Class A multifamily residential properties in emerging real estate markets throughout the United States. The principals of Brookview have over 30 years’ experience in analyzing and identifying desirable properties in secondary MSAs, where the potential rates of return may be greater than those generated by similar properties in the traditional, major real estate markets. Over the past five years, Brookview has acquired and/or developed over 2,200 apartments across the United States, in transactions totaling over $250 million dollars.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.