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  • Bill Herr

JSQ Multifamily I Investment Update

The Investment Manager provided the following updates on JSQ Multifamily I, a Series I Investment.

Watermark at Cumberland - Fishers, Indiana

Watermark is 220-unit, Class A development located in Fishers, Indiana, an affluent suburb located just north of Indianapolis. The project was completed in August of 2014 and sold in late March 2015.

A small distribution of residual post-closing escrow funds was made in February 2016.

Watermark JSQ on Jordan Creek -West Des Moines, IA (On The Market)

Jordan Creek is now fully stabilized with current occupancy at approximately 97%. Surface parking expansion and landscaping improvements at the property have been completed addressing tenant feedback.

Watermark and Murphy O’Brien have selected a buyer for Jordan Creek and it is anticipated that closing will occur on September 1, 2016.

East Village

East Village is a multifamily ground up development located in Sandy, Utah. The development is currently under construction and has an estimated completion date of August 2016. Once completed, it will feature 3 buildings comprised of 271 units. The investment manager has provided the following update:

  • Building #2 and Building #3 have received TCO’s, while Building #1 is expected to be completed in August

  • Pool construction is underway and expected to be complete and open to the residents by the end of July. The fitness center is expected to open the August 2016.

  • The Property manager has begun leasing at the property. As of July 1st, 67 leases have been executed. The property is 16.2% occupied and 24.7% leased.

  • Discussions regarding building #4 have begun. Building #4 will consist of 65 units featuring a diversified unit mix.

Previous Updates

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