ORLANDO, Dec. 7, 2021 – JLL Capital Markets announced today that it has closed the sale of Falcon Square at Independence, a 379-unit, three-story, garden-style community in Winter Garden, Florida.
JLL marketed the property on behalf of the seller, Venterra Realty. Cortland acquired the asset.
Built in 2008 and consisting of 11 three-story, concrete block buildings, Falcon Square features units with full-sized washers and dryers, walk-in closets, breakfast bars, screened-in private balconies, nine-foot ceilings, hardwood-style vinyl flooring and average floorplan sizes of 1,122 square feet. Community amenities include a resort-style pool, two basketball courts, a dog park, detached garages, a resident business center, hiking and biking trails, a fitness center, a poolside grilling station, playground, a resident game room and tennis courts.
Falcon Square is located within the Independence PUD in the heart of Horizon West, a 2,100-acre premier master-planned community, made up of five unique villages that were carefully designed to ensure convenient access to top-tier schools, vibrant retail centers and public parks for its residence. Situated at 14600 Ave. of the Groves, the property offers immediate accessibility to State Road 429, which provides superior freeway connectivity throughout the Orlando MSA.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
“Falcon Square received strong institutional investor interest due to the location of the asset, it’s concrete block construction, and the opportunity to implement a true value-add investment program, since the interiors were all original.” said Ballard. “The property’s location within the Independence PUD and proximity to A-rated elementary and middle schools also created strong interest.”
HOUSTON – JLL announced today that it has closed the sale and arranged acquisition financing for Champions Woods Apartments, a 186-unit, garden-style multi-housing community in Northwest Houston.
JLL marketed the property exclusively on behalf of the seller, Venterra Realty. Haven Realty Capital purchased the offering. Additionally, JLL worked on behalf of the new owner to place the 10-year, floating-rate loan with Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Champions Woods Apartments is located at 6830 Champions Plaza Drive near the intersection of Highway 249 and FM 1960 near Willowbrook Mall. The property features eight spacious floor plans totaling 162,936 rentable square feet within 10 three-story, walk-up residential buildings. Units feature fully equipped kitchens, separate dining areas, garden tubs, built-in shelving, large walk-in closets and private balconies. Premium units also include luxury lighting, wood-style flooring and fireplaces. Community amenities include a swimming pool with waterfall, hot tub, outdoor entertainment pavilion with grilling area, renovated fitness center and cybercafé with Wi-Fi.
The JLL Capital Markets team representing the seller was led by Vice President Bob Heard and Managing Directors Chip Nash and Greg Austin.
JLL’s Capital Markets debt placement team representing the new owner was led by Senior Vice President James Brolan.
29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Calais Park Lofts Apartments, a 261-unit multifamily community in St. Petersburg, Florida. 29SC plans to make cosmetic improvements to unit interiors, including new granite countertops, stainless-steel appliances and backsplashes, and re-facing the cabinets. Exterior projects will focus on clubhouse and fitness center improvements, refreshing the landscaping and updating the signage. A new system will notify residents when packages are delivered and keep them secure till they’re picked up.
“We are thrilled to enter a new metro market and grow our footprint in the region,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The Tampa Bay area is consistently near the top in job growth nationally in the past decade and has strong projected population growth.”
Economic growth, primarily in the finance sector, has helped boost the region’s rapid recovery following the recession. The Florida Chamber of Commerce said the state’s gross domestic product exceeded $1 trillion in 2018. Experts expect it to continue its expansion this year. The state accounts for 5% of the U.S. economy yet creates 10% of new jobs, leading to a labor market imbalance that is attracting workers to relocate there.
Calais Park Apartments is within a 20-minute drive of both Tampa International Airport and the St. Petersburg-Clearwater Airport. It is also within 20 minutes of the Port of Tampa, which is the largest in the state. The port employs 85,000 people directly and indirectly, and is estimated to have a $17.2 billion economic impact.
“The property has easy access to downtown St. Pete and Tampa, the Gulf Coasts many beaches and parks, and the Sunshine Skyway Bridge, which we think residents will find desirable,” Smyth added. “Florida is experiencing profound growth and 29SC is excited to enter the market to offer high quality yet still affordable housing.”
29th Street Capital closed on the purchase of the property from Venterra February 14. The sale price was not disclosed. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Houston-based Venterra in the disposition.
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 16 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 7,800 units having acquired over 14,000 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. Learn more about 29SC at https://29thstreetcapital.com.
HOUSTON, TX – October 2, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for Villa Lago, a 204-unit, Class A garden-style apartment community in Fort Worth, Texas.
The HFF team worked exclusively on behalf of the borrower, Venterra Realty, to place the seven-year, fixed-rate loan with a life company lender at an interest rate of 4.48 percent. Loan proceeds were used to refinance existing debt.
Villa Lago is located at 8201 Boat Club Road less than six miles north of Interstate 820 in the northwest Fort Worth submarket of Tarrant County. Completed in 2008, the property sits on an 11.5-acre site consisting of 10 two- and three-story residential buildings comprising units averaging 912 square feet. Units feature walk-in closets, hardwood-style flooring, oversized garden tubs, in-unit washers and dryers, and patios or balconies. Community amenities include a swimming pool, outdoor grilling areas, fitness center, business center, two bark parks, covered parking/detached garages and views of nearby Eagle Mountain Lake.
The HFF debt placement team representing Venterra included managing directors Cortney Cole and Steve Heldenfels.
HOUSTON, TX – September 26, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for Valencia at Westchase, a 312-unit, garden-style apartment community in Tampa, Florida.
The HFF team worked exclusively on behalf of the borrower, Venterra Realty, to place the seven-year, fixed-rate loan with a life company lender at an interest rate of 4.28 percent. Terms of the loan include interest-only payments for the first three years. Loan proceeds were used to refinance existing debt.
Valencia at Westchase consists of 13 residential buildings oriented around a large central pond. Units are configured in a variety of one-, two- and three-bedroom floor plans totaling 305,832 rentable square feet with amenities, including hardwood-style flooring, in-unit washers and dryers, walk-in closets, smart home features, and patios or balconies. Community amenities include a swimming pool, grilling area, fitness center, business center, playground and bark park. Valencia at Westchase is located at 8802 Brennan Circle approximately 6.5 miles northwest of Tampa International Airport and 11 miles from the Tampa CBD. The property is 95 percent occupied.
The HFF debt placement team representing Venterra included managing director Cortney Cole, director Preston Reid and analyst Sterling Curry.
