JLL Capital Markets completes sale of Class A, HUD-financed Central Texas multifamily asset

AUSTIN, April 8, 2019 – JLL Capital Markets experts announced today the successful sale of 1271 San Marcos, a 240-unit, Class A, HUD-financed multifamily property located in San Marcos, Texas, approximately 32 miles south of downtown Austin.

JLL Managing Directors Greg Austin and Scott LaMontagne lead the sales and marketing efforts on behalf of the sellers, Covenant Development and Parkcrest Builders, LLC. The property was acquired by Hayden Properties, LLC.

"The government shutdown added a layer of complexity to the HUD loan assumption on this transaction,” said Matt Reynolds, Director of Asset Management, Hayden Properties, LLC. “Both JLL and the selling party were fantastic during the process in helping us overcome this hurdle."

The recently constructed, luxury apartment community features eight, three-story apartment buildings, a resort-style pool, two outdoor grilling stations, a state-of-the-art fitness center, an outdoor entertainment pavilion and a dog park for residents across nearly 11 acres.

“Investor activity in multifamily product across Texas continues to sell and trade at an almost historic rate,” said Austin. “Luxury assets like 1271 San Marcos, which delivers best-in-class offerings in a region projected to see continued growth, offer investors both immediate and long-term returns. There’s just never been a better time to invest in commercial real estate in our state.”

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 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more content including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.AUSTIN, April 8, 2019 – JLL Capital Markets experts announced today the successful sale of 1271 San Marcos, a 240-unit, Class A, HUD-financed multifamily property located in San Marcos, Texas, approximately 32 miles south of downtown Austin.

JLL Managing Directors Greg Austin and Scott LaMontagne lead the sales and marketing efforts on behalf of the sellers, Covenant Development and Parkcrest Builders, LLC. The property was acquired by Hayden Properties, LLC.

"The government shutdown added a layer of complexity to the HUD loan assumption on this transaction,” said Matt Reynolds, Director of Asset Management, Hayden Properties, LLC. “Both JLL and the selling party were fantastic during the process in helping us overcome this hurdle."

The recently constructed, luxury apartment community features eight, three-story apartment buildings, a resort-style pool, two outdoor grilling stations, a state-of-the-art fitness center, an outdoor entertainment pavilion and a dog park for residents across nearly 11 acres.

“Investor activity in multifamily product across Texas continues to sell and trade at an almost historic rate,” said Austin. “Luxury assets like 1271 San Marcos, which delivers best-in-class offerings in a region projected to see continued growth, offer investors both immediate and long-term returns. There’s just never been a better time to invest in commercial real estate in our state.”

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 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more content including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.