JSQ Multifamily I Investment Update
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 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.