The requested news item does not exist. Please return to News
S2 Capital plans significant renovation project for multifamily property
HOUSTON, March 27, 2018 – JLL's Capital Markets experts today announced the company secured financing for the acquisition of Brompton Court Apartments, located at 7510 Brompton Road in Houston. Voya Investment Management, LLC provided the loan for S2 Capital, which purchased the property from CMS Brompton Court, L.P.
Managing Director Mark Brandenburg led the JLL team on the financing.
"This property provided a compelling value-add opportunity in a highly desirable infill location," said Brandenburg. "The extensive capital improvements planned for this property should result in a considerable upside for the new ownership."
Built in 1973, Brompton Court is a three-story, garden-style apartment complex encompassing approximately 717,000 rentable square feet across 793 units. Features of the property include a fitness center, swimming pools, package lockers, storage units and laundry facilities.
S2 Capital plans to make significant upgrades to the property's units including new paint, appliances, flooring, cabinetry, windows, and bedroom and bathroom fixtures. Additionally, improvements will be made to the swimming pools, fitness center, laundry rooms and leasing office.
Brompton Court is located within Houston's Medical Center / Braes Bayou apartment submarket, where rents grew 5.6 percent from 2016 to 2017. The property is close to several major employment centers including the Texas Medical Center, Greenway Plaza and the Galleria. It is also surrounded by some of Houston's most desirable residential neighborhoods such as West University, Southside Place and Bellaire.
After a period of oversupply, Houston's multifamily market regained equilibrium at the end of last year with decade-high positive net absorption of 17,491 units and occupancy increases across all class types.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.
+1 713 425 5865