REEP Equity to renovate Oakdell Way Townhomes in San Antonio
JLL Capital Markets arranged acquisition financing on behalf of REEP Equity to acquire and update the multi-housing property in Texas
DALLAS, June 1, 2021 – JLL Capital Markets announced today it arranged financing for the acquisition and to update the Oakdell Way Townhomes, a 100-unit multi-housing property located in San Antonio, Texas.
JLL worked on behalf of the borrower, REEP Equity, to secure the financing through NexBank. JLL and REEP Equity have partnered on a handful of financing transactions this year, including the following multi-housing property acquisitions: Chartwell Court, Savoy Manor and Residences 2727.
The Oakdell Way Townhomes features 100 units, with each averaging 1,114 square feet offered in two- and three-bedroom floorplan options. Originally built in 1988, REEP Equity plans to renovate the units. Renovations include upgrades to the overall community exterior, amenities, and unit interiors.
Unit updates include adding stainless or black appliances, updated faucets, countertops, hardware, faux wood flooring, and fresh paint. REEP Equity will also update the dog park, community pool, signage, exterior paint, window screens, parking lot, lighting, and more. Other community amenities at the property include a sundeck and barbeque/picnic area.
The Oakdell Way Townhomes are located at 6020 Danny Kaye Dr., adjacent to the San Antonio Medical Center. The Medical Center is the largest employment base in the area, providing 56,000 jobs. The property also benefits from various entertainment and dining options nearby while also providing a short 20-minute commute to downtown.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Brandenburg, Senior Director CW Sheehan, and Analyst Cort Martin.
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 deliver best-in-class solutions for clients — whether investment sales 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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About JLL
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About REEP Equity
REEP (Real Estate Equity Partners) was founded in 2015 by principals Jacob and Arleen Garza, who share over 20+ years of real estate experience. The firm is focused on acquiring under-performing, income-producing, multifamily investment opportunities in Texas. REEP Equity, along with its sister company REEP Management, is solely focused on the multifamily sector - pledging incomparable commitment and service to both its residents and investors. Other in-house departments include asset management, construction, property management, cost segregation, pre- and post-disposition. Since 2012, REEP Equity has bought, sold, and managed over 2,915 units, with eleven properties totaling 2,342 units worth over $235 M currently in its portfolio. For more information, visit reepequity.com.