JLL Capital Markets secures the equity on behalf of Mill Creek Residential Trust
PORTLAND, Ore., March 4, 2021 – JLL Capital Markets announced today that it has arranged joint venture equity for the development of Modera Morrison, a 247-unit mixed-use multi-housing and retail development in a qualified opportunity zone in Portland, Oregon’s popular Central Eastside.
JLL worked on behalf of the borrower, Mill Creek Residential Trust, in securing the joint venture equity.
Modera Morrison is planned development, pending LEED Silver certification, that will include a seven-story, 247-unit apartment community with about 10,744 square feet of ground-floor retail. Community amenities will include a virtual reality gaming lounge, health club, mixology lounge and rooftop deck with panoramic views and a sky bistro.
With expected completion in 2024, the transit-orientated property has a Walk Score® of 96 and is located at 1120 S.E. Morrison St. Modera Morrison is also proximate to public transportation and within walking distance to various restaurant, grocery, retail and entertainment options. With the area undergoing a revitalization within the last 10 years, new mixed-use multi-housing communities have been taking precedence to accommodate growing interest in the area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ira Virden, Managing Director Mark Erland and Director Matt Benson.
“Despite an extremely challenging environment navigating through COVID-19, and the current supply pipeline, we generated tremendous interest from investors,” Virden said. “The location and development program, coupled with the opportunity to partner with a best-in-class developer like Mill Creek Residential Trust, proved critical during the process.”
PLANTATION, Fla. – Oct. 6, 2020 – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced leasing is underway at Modera Cornerstone, a modern retreat-like apartment community located in the vibrant Southeast Florida suburb of Plantation.
Situated amidst the 58-acre Class A business campus of Cornerstone Corporate Center, Modera Cornerstone offers 330 contemporary apartment homes and deluxe array of community amenities. First move-ins at the Fort Lauderdale-area community began in August.
“Plantation continues to be an attractive option for renters with its centralized Broward County location and unique combination of city living in a suburban environment,” said Jeff Meran, executive managing director of development of Florida for Mill Creek. “We are thrilled to join the neighborhood and look forward to offering a sophisticated living experience that we believe will set the standard for apartment living in the area.”
Located at 1240 S. Pine Island Road immediately north of the Interstate 595 interchange, Modera Cornerstone provides a prime Broward County location with expedient access to surrounding locales such as Fort Lauderdale, Davie, Sunrise, Weston and Miami.
Within the immediate area of Modera Cornerstone, residents have access to a wide variety of national and local retailers and restaurants, medical facilities, recreational opportunities and major employers. Nearby Broward Mall is adding new restarants and shops, and the repurposed Plantation Fashion Mall is under development which will feature additional high-end retail, office and hotel space.
Modera Cornerstone offers one-, two- and three-bedroom homes ranging in square footage from 657 to 1,384 with den layouts available. Community amenities include a resort-style pool, club-quality fitness center with yoga/Pilates studio, expansive clubhouse, outdoor lakeside patio, courtyard putting green, onsite dog park and pet spa, pool table, barbecue area, business center and playground. Residents also have access to self-serve package lockers, controlled-access garage parking and free Wi-Fi in social zones.
Apartment interiors are delivered with wood plank-style flooring, nine-foot ceilings, ceiling fans, stainless-steel Energy Star appliances, quartz countertops, tile backsplashes, USB ports, full-size washers and dryers, keyless entry and private patios or balconies featuring lake, city or green space views. Select homes include a separate dining area, pantry, breakfast bar, linen closets and an alarm system. Residents also have access to cold storage as well as additional storage.
Modera Cornerstone marks Mill Creek’s eleventh development community in the South Florida region. Other Fort Lauderdale-area communities include Modera Flagler Village in development and Modera Port Royale.
DALLAS – Oct. 1, 2020 – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced it has promoted Darren Schackman to chief investment officer.
Schackman, who previously held the position of executive managing director of development for Texas, Colorado, California and the Pacific Northwest regions started in his new role effective Oct. 1. The new role includes increased leadership responsibilities for Schackman, who will oversee the development team’s executive managing directors and the acquisitions team.
“Darren’s leadership has been integral to the growth and success of Mill Creek since inception,” said William C. MacDonald, chief executive officer and president of Mill Creek Residential. “His demonstrated ability to drive results and experience will continue to move our organization forward as we execute our vision. I can’t think of anyone better qualified to step into this role.”
Schackman’s promotion continues Mill Creek Residential’s commitment to promote high-performing associates from within. Schackman, one of the original founders of Mill Creek Residential and the chairman of the company’s investment committee, has led his team to complete the development and construction of more than 20,000 apartment homes over the past 10 years.
“I am extremely grateful for the opportunity to grow within an organization that truly puts its associates first,” Schackman said. “I look forward to helping Mill Creek maintain and expand its status as an industry leader that pushes the boundaries, and I’m honored to oversee a team of talented individuals who regularly provide the blueprint for success.”
In his new role, Schackman will be supported by the long tenured and accomplished leadership team including Wesley Dickerson, senior managing director of acquisitions, and the executive managing directors of the development team; Sean Caldwell, Sean Hyatt, Chad DeBeau and Jeff Meran.
Hyatt, is responsible for the Pacific Northwest region and Northern California. DuBeau, oversees the Denver, Phoenix and Southern California regions, and Meran added Nashville to his region while continuing to oversee Florida. Sean Caldwell, meanwhile, expands his role to add the Carolinas to his existing portfolio of the Mid-Atlantic and Northeast regions.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The national multifamily company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates multifamily communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in
many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of June 30, 2020, the company’s portfolio is comprised of 85 communities representing over 24,700 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
REDMOND, Wash. – Aug. 5, 2020 – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., today announced the groundbreaking of Modera Overlake, a luxe mixed-use apartment community in Eastside Seattle near the Redmond Microsoft Campus.
The community, which will feature 288 apartment homes and 3,600 feet of ground-floor retail space, is located 13 miles east of Seattle along the Redmond/Bellevue border. The property is within a 10-minute walk from the future Overlake Village Light Rail Station and Microsoft’s World Headquarters.
“With Microsoft rapidly expanding its headquarters, demand for quality housing in the area will be high,” said Steve Yoon, managing director of development for Seattle for Mill Creek. “We have always been a fan of the Overlake neighborhood, with its plentiful amenities and transportation access to the greater Puget Sound marketplace. With the commencement of construction on Modera Overlake, we are eager to help address the neighborhood’s impending demand and offer a high-quality living experience to our future residents.”
Situated at 15350 Bel-Red Road, Modera Overlake will offer studio, one- and two-bedroom homes with select den and townhouse layouts available. The community will feature a deluxe array of community amenities, highlighted by an eighth-floor rooftop clubhouse with expansive deck and panoramic views of Bellevue and Redmond. The community will also include an outdoor plaza, spacious lobby with vaulted ceilings, conference room, co-working lounge, coffee bar, clubhouse, theater room, DIY room, and a fitness center. Residents will also have access to dedicated bike storage, automated package lockers, and secure resident storage in the lobby and garage areas.
Apartment interiors will be delivered with stainless-steel gas ranges, quartz countertops, wood-plank flooring, kitchen tile backsplashes, upgraded fixtures and roller shades. Select homes will include private patios or balconies, separate dining areas, breakfast bars and walk-in closets. Residents will also be equipped with a controlled-access guest system.
Modera Overlake marks Mill Creek’s third community in Redmond, joining Modera Redmond and Modera River Trail. Modera Redmond is located about five miles to the northeast near Bella Bottega Shopping Center and began leasing in winter 2019. Modera River Trail, located across the street from Redmond City Hall and one block from the Sammamish River Trail, is under construction with an anticipated completion in early 2022.
HOUSTON – Aug. 11, 2020 – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., today announced the groundbreaking of Modera Washington, a mixed-use apartment community located along Washington Avenue amidst one of Houston’s most arts-centric locales.
The eight-story midrise will feature 341 contemporary apartment homes and a full suite of community amenities. This suite of amenities includes private office space, which will cater to the ever-increasing remote worker. First move-ins are anticipated for late 2021.
“We continue to be extremely fond of the Houston market, and the prime location between Studemont Street and Sawyer Street will place residents within close proximity of everything they might need,” said Tommy Le, vice president of development for Mill Creek Residential. “The various common-area amenities will give Modera Washington a truly unique dynamic, and we look forward to offering one of the finest living experiences in the neighborhood.”
Situated at 2520 Washington Avenue, Modera Washington will sit immediately adjacent to the Old Sixth Ward Historic District and approximately one mile north of recently revitalized Buffalo Bayou Park. The commuter-friendly locale offers quick access to Interstate 10, several public transit options and prime connectivity to the Energy Corridor, Downtown Houston and the remainder of the area’s thriving employment sectors.
Within the immediate area, residents will have access to the vast retail and entertainment offerings of Sawyer Yards, the Theater District, River Oaks District, The Galleria and Washington Corridor. Minute Maid Park, BBVA Stadium and Toyota Center are less than three miles from the community, with the Museum District also within a short drive.
Modera Washington, which will possess a fresh and modern aesthetic, will offer studio, one- and two-bedroom homes with den layouts available. Community amenities will include a rooftop deck, a glass-edged and elevated swimming pool, barbecue and picnic areas, pet spa, game room and a club-quality fitness center with group fitness areas. Alongside the private offices, the ground floor will offer billiards, dry cleaning lockers, catering kitchen, private dining room and a golf simulator. Residents will also have access to digital package lockers, bike storage, complimentary bikes for resident use and extra storage space.
Apartment interiors will feature two distinct color palettes and include 10-foot ceilings and higher, laminate vinyl-plank flooring, stainless-steel appliances, quartz countertops, pendant lighting, tile backsplashes, upgraded fixtures, walk-in closets and private patios or balconies. Bathrooms will include floor-to-ceiling tile surrounds in showers and tubs, linen closets and vanity mirrors with integrated lighting. Select homes will feature a kitchen island with breakfast bar.
Modera Washington represents one of several Mill Creek communities currently under development in Houston, joining Modera Six Pines in The Woodlands.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the groundbreaking of Modera Founders Row, a mixed-use lifestyle center that will feature luxury apartment homes and 90,000 square feet of retail space in metropolitan Washington, D.C.
Mill Creek Residential has announced that Studio Movie Grill and City Works Eatery & Pour House will be among the retail components of Founders Row, which will occupy approximately 4.5 acres at the intersection of West Broad Street and North West Street. Modera Founders Row will serve as the market-rate apartment community portion of the development and will include 322 apartment homes. An additional community featuring 72 apartment homes will be dedicated to age-restricted living for individuals 55 years and older.
A formal groundbreaking ceremony is scheduled for Monday, March 4, 2019. First homes and initial retail at the destination community are projected to open in summer 2021.
“We’re thrilled to break ground on Founders Row, which will offer a wholly unique experience to the City of Falls Church when complete,” said Joe Muffler, managing director of development for Mill Creek Residential. “The combination of vibrant retailers, luxury apartment homes and a prime location will create a true destination community.”
As the anchor of the retail space, Studio Movie Grill features eight movie screens, custom luxury recliners, laser projectors, studio-extreme large format auditoriums and Q-SYS sound systems for the ultimate blockbuster experience. The theater will occupy roughly 32,000 square feet of retail space. City Works, which features more than 90 beers on tap and an enthusiastic upscale sports bar atmosphere, will occupy 7,500 square feet of the retail space.
“We’re excited for the addition of these retailers, each of which represents the type of high-energy establishment that will provide enormous appeal to residents and visitors alike,” said Sean Caldwell, executive managing director of the Mid-Atlantic and Northeast for Mill Creek Residential. “Studio Movie Grill provides an entirely unique cinematic experience and the active vibe of City Works will undoubtedly complement the atmosphere we’re aiming to cultivate at Founders Row.”
Founders Row, which is being developed in conjunction with CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC, and PNC Financial Services, is located in Falls Church, which sits roughly 10 miles west of Washington, D.C. and is considered part of the greater D.C. area. Falls Church is situated on two square miles of land in northern Virginia and is one of the most affluent cities in the U.S. The city features a thriving school system and an active arts and culture sector, including the Falls Church Farmers Market.
Founders Row will offer a commuter-friendly lifestyle within a short distance of the area’s major highways and several public transportation options, including the D.C. Metro. The site is also a short drive from Arlington’s Rosslyn-Ballston Corridor and Downtown Washington, D.C., but the community will provide its own entertainment offerings.
The apartments at Founders Row will consist of studio, 1- and 2-bedroom apartment homes with an average size of 940 square feet. Shared community amenities will include an expansive resident clubhouse, 24-hour club-quality fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and coffee bar. The age-restricted community will feature an additional community room, fitness center, and business center dedicated exclusively to those residents.
Apartment interiors will feature wood plank-style flooring, nine-foot ceilings, moveable kitchen islands, stainless steel Energy Star appliances, quartz countertops, extra-large capacity stacked washers and dryers, built-in storage and shelves, and USB ports. Select homes will have balconies and upgraded finishes, including wine refrigerators, towel warmers, and backlit bathroom mirrors. Residents will also have access to additional storage and bike lockers.
”Founders Row will be an exciting addition to our community,” Falls Church Mayor David Tarter said. “Having a movie theater that most of the City of Falls Church can walk to will further our commitment to make the city a vibrant, walkable destination for residents and visitors from Fairfax, Arlington and beyond.”
To inquire about available retail space, please contact Chris Wilkinson, vice president of retail leasing at JBG Smith. He can be reached at 301-657-7321 or عنوان البريد الإلكتروني هذا محمي من روبوتات السبام. يجب عليك تفعيل الجافاسكربت لرؤيته..
