HOUSTON, TX - JLL Capital Markets announced today that it has closed the $248 million sale of Park Hacienda, a 540-unit, garden-style apartment community within the Hacienda Business Park in Pleasanton, California.
JLL marketed the property on behalf of the seller, Equity Residential. Acacia Capital Corporation purchased the offering for $248 million or approximately $459,000 per unit, making it one of the largest single-asset, value-add multi-housing sales in Bay Area history.
Park Hacienda is situated on 24 acres at 5650 Owens Drive less than one mile from the Dublin/Pleasanton BART station. The property’s location within the Hacienda Business Park offers residents access to more than 550 employers and an abundance of nearby retail. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units are equipped with stainless steel appliances, full-size washers and dryers and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered and underground parking, and direct public park access.
The JLL Capital Markets team representing the seller included Managing Director Scott Bales, Senior Director Peter Yorck and Analysts Nolan Moore and Max Machiorlette.
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.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Acacia Capital Corporation: With nearly 30 years of experience in major markets throughout the United States, Acacia Capital Corporation's investment funds have acquired real estate debt and equity interests with an aggregate cost in excess of $5 billion. Throughout its history, Acacia has invested in nearly 30,000 apartment units and 42,000 single-family home lots.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com