JLL arranges sale, financing of multi-housing portfolio
The five-property portfolio totals 844 affordable housing units in various neighborhoods
SAN ANTONIO, May 12, 2020 – JLL Capital Markets announced today that it has closed the sale and arranged financing for a five-property multi-housing portfolio totaling 844 affordable housing units in various San Antonio, Texas, neighborhoods.
JLL marketed the offering exclusively on behalf of the seller, Terravista Partners, and procured the buyer, Pico Union Housing Corporation. Additionally, working on behalf of the new owner, JLL arranged an acquisition loan through Rialto Capital Management. Remaining loan proceeds will be used to renovate the properties.
The garden-style properties in the portfolio include Roselawn Apartments at 3346 Roselawn Road (120 units), Spanish Spur Apartments at 6835 Pecan Valley Drive (160 units), Villas of Pecan Manor at 6840 Pecan Valley Drive (160 units), Westwood Plaza Apartments at 2600 Westward Drive (308 units) and Winston Square Apartments at 2506 South General McMullen Drive (96 units). Constructed between 1960 and 1976, units average 769 square feet across the portfolio.
JLL’s Capital Markets debt placement team representing the new owner was led by Director Anson Snyder.
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pico Union Housing Corporation
The Pico Union Housing Corporation (PUHC) is a community based organization with a mission to develop and preserve affordable housing, emphasizing residential ownership, the establishment of effective community organizations and facilities, and the creation of activities that will economically develop and benefit their low income constituents. PUHC has been a recognized development organization for over 40 years. PUHC presently owns and operates approximately 1,000 units of affordable housing and targets 100% of its housing programs to serve low and very low income families.