JLL Capital Markets closed the sale of the multi-housing property in Linthicum Heights
JLL Capital Markets announced today it has closed the sale of Element Linthicum Heights, a luxury apartment community located just outside of Baltimore, Maryland.
JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities, Inc.
Element comprises one- and two-bedroom floorplan options with high-end features, including spacious walk-in closets, in-unit washers and dryers, 9’ ceilings, sustainable and stainless-steel appliances and quartz or granite countertops. Residents benefit from various amenities, such as a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom and pet park and spa.
Located at 820 Concorde Circle, the apartments are in Linthicum Heights. The property is near Baltimore Inner Harbor Area, less than 10 miles from Downtown Baltimore and less than 30 miles from Washington D.C., benefiting from the cities’ key employment and entertainment hubs. Capturing increasing demand in the region, Linthicum Heights, itself, is home to various employers and is also centrally positioned in close proximity to BWI Airport, which recently underwent a $125 million expansion and is a key economic driver in the area. Additionally, the property is proximate to Baltimore-Washington Parkway, I-195, I-95, I-97 and MARC Rail’s Penn Line, which allow regional access via car or public transit.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Walter Coker and Brian Crivella and Director Robert Jenkins.
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 sales 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.
About JLB Partners
JLB Partners LLC is a national developer, builder and manager of Class A multi-family assets in select markets of the United States. With a history of successful developments and a depth of industry specific experience, the principals of JLB have worked together for over 15 years and continue to create properties with well thought out designs in core markets. JLB has experience in a broad array of real estate developments including low density garden and medium to high density wrap and podium product intended for conventional rental, student housing and mixed-use developments. We take pride in our dedication to deliver properties characterized by luxury, quality and professionalism. Each apartment home in our portfolio features a choice of gracious living spaces, the finest finishes and market leading amenities.
About AvalonBay Communities, Inc.
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets"). More information may be found on the Company’s website at http://www.avalonbay.com.
About JLL
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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
