02/18/2021 | Press release | Distributed by Public on 02/18/2021 14:40
ORLANDO, Feb. 18, 2021 - JLL Capital Markets announced today that it handled the $70.8 million sale of The Jamison, a luxury, newly developed apartment community located in Kissimmee, Florida.
JLL represented the seller, Debartolo Development LLC and Upshot Capital Advisors, LLC, in the sale to Lexin Capital, LLC, a private investor based in New York.
Completed in 2020, The Jamison totals 334,215 square feet and consists of 315 studio, one-, two- and three-bedroom units. The property comprises seven residential buildings with seven garage buildings for parking and a clubhouse. Boasting luxury market-leading finishes, all units are equipped with smart home technology, stainless steel appliances, granite countertops and screened-in balconies or solariums. Community amenities include a swimming pool with cabanas and the clubhouse, which includes game rooms and a fitness center. Additionally, the property is pet-friendly, offering indoor and outdoor grooming stations and a dog park.
Located at 1040 Jamison Loop, the property is positioned near Florida's Turnpike SR91 exit, allowing connectivity to the area's top employment hubs, including the Osceola Regional Medical Center and Lake Nona's Medical City. Additionally, given its transit-orientated location, The Jamison is in close proximity to Universal Studios, Walt Disney World, Downtown Orlando and Lake Buena Vista.
The JLL Capital Markets team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar, and Analysts Bailey Smith and Patrick Coley.
'As the property was launched in the market, there was significant initial interest from investors, mainly due to the fact that the property averaged 27 leases per month since leasing began in April 2020, with average rental rates starting at $1.34 per square foot increasing to $1.45 per square foot by the time of closing,' said Ballard. 'Ultimately, we identified an investor willing to purchase the asset on a pre-stabilized basis at a price that was acceptable to ownership. The property was 85% pre-leased and 80% occupied at the time of closing.'
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.
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