JLL completes sale of 3 East Texas apartment properties
The Longview workforce multi-housing communities total 884 units
DALLAS, May 6, 2020 – JLL Capital Markets announced today it has closed the sale of Summer Brook, Summer Green I & II and Summer Lake, three workforce multi-housing communities totaling 884 units in the East Texas community of Longview.
JLL marketed the properties on behalf of the seller, BSR Real Estate Investment Trust. Monarch Investment & Management Group purchased Summer Brook and Summer Green I & II and Saxony Capital Management (“Saxony”) purchased Summer Lake. JLL’s debt placement team also worked on Saxony’s behalf to secure a floating-rate loan for the acquisition of Summer Lake through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Summer Brook is located at 2300 Bill Owens Parkway in the desirable North Longview submarket near major retail amenities, including Longview Mall and Longview Towne Crossing. The 12.25-acre property includes a mix of 208 one-, two- and three-bedroom units averaging 855 square feet. Summer Brook features a resort-style swimming pool, grilling/picnic area, business center, 24-hour fitness center, reserved covered parking and available private garages, and direct access to the adjacent Paul G. Boorman Running Trail.
Summer Green I & II is situated on 19.11 acres at 110 E. Hawkins Parkway. The two-phase community features a mix of 164 one-bedroom and 260 two-bedroom units averaging 905 square feet. Community amenities include two resort-style swimming pools, a grilling/picnic area, basketball court, 24-hour fitness center, clubhouse, children’s playground, bark park with pet washing station, and a total of 720 parking spaces.
Summer Lake is located at 3100 McCann Road on a 12.6-acre site adjacent to Longview Mall and Loop 281. Units include a mix of studio, one- and two-bedroom floor plans averaging 852 square feet. Summer Lake features two resort-style pools, grilling area with pergolas, stocked fishing lake, lighted sports court, clubhouse, dog park and reserved covered parking.
The JLL Capital Markets team representing the seller included Senior Director Greg Toro and Director Steven Hahn, Jr.
JLL’s Capital Markets debt placement team assisting Saxony with acquisition financing for Summer Lake was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.
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 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 BSR Real Estate Investment Trust
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.
About Monarch Investment & Management Group
Monarch Investment and Management Group ("Monarch") specializes in the acquisition and management of income-producing real estate, particularly multifamily apartment communities. Through these real estate investment vehicles, Monarch provides investors with the opportunity for quarterly income as well as an excellent long-term return on investment.
Unlike investment brokers or REITs (Real Estate Investment Trusts), Monarch remains part of the process all the way through conclusion. The same people who approve the project are the ones who are actively involved in managing the property every day. Monarch is personally invested and highly committed to the success of the project at every phase. It is this unique and continuous involvement that separates Monarch from the competition and drives superior returns for its investors.
About Saxony Capital Management, LLC
Saxony Capital Management was formed in 2016 as a boutique real estate investment and advisory firm based in Dallas, Texas. Saxony specializes in acquiring real estate assets that provide opportunity for value enhancement through reposition, market displacement, capital improvements and asset management expertise. Since formation, Saxony has purchased more than 2,100 units.