Financing secured to acquire and update Residences 2727 in Houston
JLL Capital Markets arranged the acquisition financing for the multi-housing property in Texas
HOUSTON, May 12, 2021 – JLL Capital Markets announced today it arranged financing for the acquisition of Residences 2727, a 171-unit multi-housing property located in the Westchase submarket of Houston, Texas.
JLL worked on behalf of the borrower, REEP Equity, to secure the five-year, fixed-rate loan through the lender, NexBank. The borrower also plans to use funds to update the property, including improvements to the building's exterior, community amenities and unit interiors.
The borrower will specifically build out a business center, update the spa, pool and courtyard area, update the fitness center with new equipment, modernize the resident lounge, install a new pet park and improve the visibility of all signage. The unit mix for the apartments includes one- and two-bedroom floorplans, averaging 917 square feet. The property totals 156,337 square feet and sits on 3.76 acres.
Located at 2727 Elmside Dr., the apartments are proximate to Beltway 8 and Westheimer, allowing premiere access to the Uptown, CityCentre and Downtown Houston areas. Additionally, the Westchase submarket is home to various employment opportunities. The area is known as a key business district and includes many grocers, cafes, dining and retail options.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mark Brandenburg, Senior Director CW Sheehan and Analyst Cort Martin.
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 deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About REEP Equity
REEP (Real Estate Equity Partners) was founded in 2015 by principals Jacob and Arleen Garza, who share over 20+ years of real estate experience. The firm is focused on acquiring under-performing, income-producing, multifamily investment opportunities in Texas. REEP Equity, along with its sister company REEP Management, is solely focused on the multifamily sector - pledging incomparable commitment and service to both its residents and investors. Other in-house departments include asset management, construction, property management, cost segregation, pre- and post-disposition. Since 2012, REEP Equity has bought, sold, and managed over 2,815 units, with eleven properties totaling 2,242 units worth over $216 M currently in its portfolio. For more information, visit reepequity.com.