Developers to implement smart-home technology in San Antonio multifamily asset
JLL Capital Investment experts broker sale of apartment community.
SAN ANTONIO, January 9, 2019 – The recently acquired 333 Place Apartments, located at 333 Brahan Boulevard in San Antonio near the Pearl Brewery, will soon be undergoing significant capital improvements, JLL announced today. Joseph Companies, who acquired the now named WestFort Broadway, plan to upgrade the property with smart-home technology in addition to Class A fixtures and stainless-steel appliances.
“Our goal is to keep the original character and revitalize the community to a more modern standard, said Sammie Joseph III, Partner, Joseph Companies. “We want to create a sense of community. Amenities play a big role in bringing neighbors together to become friends and socialize. Smaller communities allow you to actually know your neighbor, and even be friends—that’s what people actually seek in an apartment community experience today.”
The development company has found success employing this strategy to their properties across Austin, refurbishing apartment homes with high-end and cutting-edge amenities, while still managing to maintain a competitive-price point and the overall character of the surrounding neighborhood.
JLL successfully negotiated the sale of the apartment community to Austin-based developers. JLL Senior Vice President Zar Haro, Senior Vice President Moses Siller and Vice President Robert Arzola led the marketing and sales efforts.
“Assets that deliver vintage ascetics with high-tech, high-end interiors are fairly prevalent in tech-strong populations like Austin, but this is new ground for San Antonio,” said Haro. “This creative method of capital improvement bodes incredibly well for overall market strength and demand, and really shines a spotlight on San Antonio as a great place for investors.”
Joseph Companies anticipates completing renovations to WestFort Broadway during Q1 2019.
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 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com