HOUSTON – JLL announced today that it has closed the sale and arranged financing of Alexan Enclave, a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.
JLL marketed the property exclusively on behalf of the seller, Trammell Crow Residential and Cigna Investment Management. F&B Capital purchased the offering free and clear of existing financing. Additionally, JLL worked on behalf of the new owner to place the acquisition loan on their behalf.
Alexan Enclave is located at 13411 Briar Forest Drive across from Parkway Village, a 134,000-square-foot, Kroger-anchored community retail center. Completed in 2014, the mid-rise, wrap-style property is zoned to top-rated schools and is walking/biking distance to The Enclave, an 878-acre office park. Alexan Enclave consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops, hardwood cabinetry with under cabinet lighting, a blend of tile and plank flooring throughout, wood blinds, soaking tubs, walk-in closets, full-sized washers and dryers, and private patios or balconies. Community amenities include a resort-style pool with fountain feature, separate lap pool, shallow-water seating, covered outdoor kitchen, fire pit, enclosed dog park, pet wash station, large modern clubhouse, demonstration kitchen, business center, executive conference room and electric car charging station.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Todd Marix and Chris Curry and Analyst Bailey Crowell.
“Alexan Enclave offers excellent long-term growth potential for new ownership,” Curry said. “The buyer was able to obtain a best-in-class, non-commodity asset below replacement cost in a strengthening Energy Corridor submarket, which currently has no new multi-housing units under construction. Fundamentals have been boosted by new leases and corporate expansions underway in the local office market.”
JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Cameron Cureton and Senior Managing Director Matt Kafka.
