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News release

FORT WORTH, TX

The Shops at So7 in Fort Worth’s West 7th Corridor Changes Hands

JLL closes sale of Class A mixed-use development and luxury apartment community 


FORT WORTH, September 30, 2015 – On behalf of CDK Realty Advisors representing an institutional client, JLL Capital Markets experts today announced the sale of The Shops at So7 and So7 Parkside Urban Apartments in Fort Worth, Texas.  An affiliate of the Tabani Group purchased the property for an undisclosed amount.  Starwood Mortgage Capital provided the financing for the purchase. 

“We are excited to add So7 to our portfolio.  It represents the eighth high-end mixed-used development affiliates of the Tabani Group have acquired in the past several years.  We commend the JLL team for their professionalism and diligence which allowed us to close this transaction in record time,” said Mushtak Khatri, Director of Acquisitions for Tabani Group.

The Shops at So7 is a 65,535-square-foot mixed-use lifestyle development that is anchored by Parkside Urban Apartments, a 300-unit luxury multifamily complex.  Both are located in one of Fort Worth’s most cosmopolitan neighborhoods and are within walking distance to numerous entertainment districts like Sundance Square, Museum District and historical Stockyards.

Managing Director Jeff Price and Senior Vice President Jorg Mast led the JLL team on the transaction, in conjunction with JLL Managing Director Adam Howells and Vice President Jace Hinderland.  Steve DeRose and Max Dorsch of Starwood Mortgage Capital oversaw the financing component. 

“Starwood delivered unprecedented execution and extremely attractive financing terms for the transaction,” said Khatri.

The Shops at So7 features 22,508 square feet of office space and 43,027 square feet of high-end retailers and restaurants to create a vibrant experience for visitors and residents “So7 Parkside Urban Apartments is well-positioned to take advantage of Fort Worth’s population growth that will help drive multifamily rents at the property and surrounding area.  In the past 12 months, new construction projects have continued to set new rent records in the Intown Fort Worth submarket,” said Mast.  

So7 Parkside Urban Apartments was built in two phases. The original 71 units in Phase I were built to condo standards, while the recently completed 229 units in Phase II were built to a premium “for lease” standard. 

Upscale amenities include a secluded fireside courtyard, resident lounge with game center, 24-hour fitness and cardio center, and two resort style pools with tanning ledge.  Unique apartment finishes include open-concept kitchens, USB outlets, granite countertops, and spa-inspired bathrooms with oversized showers.

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 a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.  For more information about our capabilities in Dallas-Fort Worth, please visit the firm’s local Web page: http://bit.ly/1Tq3FjD.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.