JLL arranges sale, financing of Conroe, Texas, apartment property
The sought-after Class A property north of the Houston metro totals 188 luxury units
HOUSTON, April 28, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for The Loop Apartments, a 188-unit, Class A luxury apartment community in Conroe, Texas.
JLL marketed the property exclusively on behalf of Apartment Advisors, Inc. and procured the undisclosed buyer. In addition, JLL worked on the new owner’s behalf to arrange a fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
The Loop Apartments is located at 3400 Loop 336 just minutes from Interstate 45 to the north of the Houston metro. Completed in 2017, the sought-after property consists of eight three-story apartment buildings that house a mix of one-, two- and three-bedroom floor plans averaging 909 square feet. Units feature luxury lighting packages, stainless steel appliances and high-end finishes. Common area amenities include a saltwater pool, two outdoor grilling stations, state-of-the-art fitness center, outdoor entertainment pavilion, dog park, 424 parking spaces and controlled access.
The JLL Capital Markets team representing the seller was led by Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney.
JLL’s Capital Markets debt placement team representing the new owner was led by Tim Leonhard, Mary Davis and Eric Hightower.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 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 multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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 Apartment Advisors, Inc.
Apartment Advisors, Inc. is a privately held construction and development company specializing in suburban walk-up multi-housing properties in Texas.