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News release


JLL Completes Full-Service Multifamily Transaction in Suburban Austin

Firm closes sale of Villas Tech Ridge, secures $35 million in acquisition financing and services loan through Fannie Mae DUS® lending program 

AUSTIN, Texas, March 9, 2016 – The multifamily sector reached record volumes in 2015, hitting $138.7 billion and according to JLL’s Q4 U.S. Investment Outlook, capital is increasingly being placed in secondary markets. On behalf of Mesirow Financial, JLL’s Capital Markets experts today announced the firm has closed the sale of Villas Tech Ridge, a 350-unit multifamily property located in the Austin suburb of Pflugerville. New York-based Castle Lanterra Properties purchased the asset. JLL also secured $35 million in acquisition financing through its Fannie Mae DUS® lending program.
Managing Directors Jeff Price and Scott LaMontagne and Vice President David Fersing led the JLL team on the sales transaction while Managing Director Aaron Appel, Executive Vice President Dustin Dulin and Senior Vice President Jonathan Schwartz led financing efforts.
Villas Tech Ridge marks JLL’s first full-service multifamily transaction utilizing Fannie Mae debt since completing its acquisition of Oak Grove Capital.
“Central Texas is home to some of the country’s strongest multifamily markets, and continues to attract institutional capital,” said Price. “Amidst an increasingly competitive environment, being able to provide investment sales, financing, underwriting, lending and servicing capabilities makes for a streamlined, efficient process while achieving the best results for our clients.”
Added Schwartz, “Debt markets remain liquid, giving borrowers plenty of options. Through the firm’s Fannie Mae DUS® lending platform, we were able to lock in optimal loan terms with a high amount of closing certainty.”
Mesirow Financial Senior Managing Director Alasdair Cripps said, “We’re excited to work with JLL on this sale, and to continue to help our clients capitalize on the significant opportunities offered in the multifamily real estate market.”
Villas Tech Ridge is located near the area’s growing tech hub and Tech Ridge master-planned community, which includes the area’s largest employers. The Class A+ property was developed with energy efficiency features aligned with the Austin Green Builder Program. Community amenities include a resort-style pool and cabana including a flat screen TV, fire pit and barbeque grills, a state-of-the-art fitness lounge, an e-lounge with Wi-Fi and an on-site pet park.
“This is a very special asset – class A in every sense,” said Elie Rieder, founder and CEO of Castle Lanterra Properties. “Our due diligence found the property to be impeccably maintained by the previous ownership. Our strategy going forward includes modest capital improvements, including light renovations to the apartments as they turn over and upgrades to the property’s impressive list of amenities.”
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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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About Mesirow Financial
Headquartered in Chicago, Mesirow Financial is a specialist investment, risk management and advisory firm committed to helping its global institutional clients achieve their objectives. As an independent, employee-owned firm, it develops tailored solutions that deliver measurable results since 1937. Its Direct Real Estate business incorporates a diversified value-added real estate strategy with an emphasis on the U.S. multifamily sector. Over the last five years, the team has raised approximately $1 billion in equity and has invested in nearly 11,000 units in 19 cities nationwide. Nothing contained herein constitutes an offer to buy nor a solicitation to sell any interest in any Mesirow Financial investment vehicle. For more information, visit
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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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