Workforce housing asset sold in Pasadena, Texas
JLL Capital Markets handled the sale of the 300+-unit, garden-style property
JLL worked on behalf of the seller, 29th Street Capital, to complete the sale to the buyer.
The property is well-located in Pasadena, part of the greater southeast Houston area, and is positioned proximate to the Sam Houston Tollway (Beltway 8), offering connectivity throughout the area. The Pasadena submarket is anchored by the Port of Houston and the Houston Ship Channel (the nation’s largest petrochemical complex).
The JLL Capital Markets team representing the seller was led by Senior Director Chris Young, Senior Director Joey Rippel and Analyst Kyle Whitney.
“This property is the third workforce housing transaction we’ve closed in the last six weeks,” states Young. “Investor demand for this asset class in Houston has only increased this year, especially for assets where the owner has primed it for a buyer to increase value immediately.”
Young continues, “The property’s value-add potential and its location in a supply-constrained submarket enabled us to procure a buyer off-market and accelerate the sale process for the owner.”
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 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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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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About 29th Street Capital
Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 11,000 units having acquired over 19,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. For more information, please visit 29thstreetcapital.com.