Sale of upscale active adult community near Austin closes
JLL Capital Markets arranged the sale for the age-restricted Northstar Georgetown
DALLAS, March 15, 2022 – JLL Capital Markets announced today that it has closed the sale of Northstar Georgetown, a 210-unit, upscale, low-rise active adult community in Georgetown, Texas.
JLL marketed the property on behalf of the seller, Chalk Hill Ventures. A joint venture between Bain Capital Real Estate and Capitol Seniors Housing acquired the property.
Completed in 2021, Northstar Georgetown is an age restricted (55+) community comprising of one- and two-bedroom units averaging 1,016 square feet. Apartment amenities include walk-in showers and soaking tubs, private yards and balconies, private parking and garage spaces, full sized washers and dryers, granite counter tops and stainless steel appliances. The resort style community offers a media center and theatre room, pool and spa, outdoor firepit with seating area, landscaped courtyards and pickleball and bocce ball courts.
Located on 11.51 acres at 2401 Westinghouse Rd., the community is positioned near Interstate 35 and State Highway 130, providing seamless connectivity to downtown Austin and the surrounding area. In addition, Northstar Georgetown is near local retail and entertainment centers, including Round Rock Premium Outlets, Georgetown Square, University Oaks Shopping Center, Inner Space Cavern and Dell Diamond Stadium. Also nearby is the Seton Medical Center, Baylor Scott and White Medical Center and Austin Community College, offering proximity to healthcare, higher education and employment hubs.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Directors Ryan McBride and Joe Dowdle, Director Zach Rigby and Senior Managing Director Sean Sorrell.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Chalk Hill Ventures
Chalk Hill Ventures is a real estate development firm that pursues opportunities across multiple property sectors, with a focus on ground-up multifamily development, both conventional and 55+ active adult, in suburban markets across Texas and the surrounding states. Its principals having engineering, construction and lending backgrounds, Chalk Hill Ventures is uniquely positioned to source, design and deliver exceptional projects with an emphasis on risk mitigation.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.6 billion of equity as of September 30, 2021, in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.
About Capitol Seniors Housing
Capitol Seniors Housing (CSH) prides itself on placing seniors first by creating comfortable, safe, state-of-the-art communities which residents are proud to call home. Founded on the principles of integrity, trust and transparency, CSH consistently produces top-quality senior living communities and resident-centered life experiences for senior adults.
Based in Washington D.C., CSH is a private equity-backed real estate acquisition, development and investment management firm founded in 2003. CSH has successfully acquired or developed more than 120 senior housing communities and deployed over $2.5 billion of investment capital to date.