JLL arranges sale, financing of Houston apartment community
The value-add, garden-style property totals 272 units in the Spring submarket
HOUSTON, April 21, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Lakebridge Apartments, a 272-unit, value-add, garden-style apartment community in North Houston.
JLL marketed the property exclusively on behalf of the undisclosed seller, and procured the buyer, Sentinel Peak Capital Partners. Additionally, JLL worked on the new owner’s behalf to arrange floating-rate acquisition financing, which was provided by Voya Investment Management.
Lakebridge Apartments is located at 300 Woerner Road in the Spring submarket. Phase I of the property was originally developed in 1984 as condominiums and Phase II was added in 2001. The property features 19 two-story buildings situated on 13.2 acres with residential units averaging 896 square feet. All ground-floor units have been recently renovated. Common area amenities include a swimming pool, lakeside views with fishing access, clubhouse, fitness center, walking trails, dog park, putting green, lush landscaping and 538 parking spaces.
The JLL Capital Markets team representing the seller was led by Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix.
JLL’s Capital Markets debt placement team representing the new owner was led by Campbell Roche and James Brolan.
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 investment 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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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sentinel Peak Capital Partners
Sentinel Peak Capital Partners is a private commercial real estate investment firm primarily focused on the acquisition and repositioning of multifamily properties located in major metropolitan markets.