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JLL completes sale of Broadmead Apartments
Houston, Sept. 21, 2016 – Despite a softening market overall, Houston's Class B multifamily sector remains highly desirable to investors. On behalf of seller Broadmead Apartments, LTD., JLL's Capital Markets experts today announced the firm has completed the sale of Broadmead Apartments, a Class B multifamily asset located at 2801 Broadmead Drive in Houston, Texas. Houston-based Nitya Capital purchased the 235-unit property.
Managing Directors Chip Nash and Greg Austin, and Vice President Bob Heard led the JLL team on the sale.
"Houston's Class B multifamily market remains strong despite economic headwinds," said Nash. "Class B properties, like the Broadmead, are consistently occupied by a large segment of the population, presenting buyers with a solid investment and promising value-add opportunity."
Located just minutes from Reliant Park and the Texas Medical Center, units at Broadmead Apartments feature walk-in closets, private balconies and vaulted ceilings. Community amenities include a swimming pool, gated access, on-site maintenance and proximity to public transportation.
The Broadmead was 95 percent leased at the time of closing. The overall occupancy rate of Houston's Class B multifamily sector is 95.5 percent.
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 JLLJLL (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 280 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 $59.1 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.
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