SAN ANTONIO – JLL announced today that it has closed the sale of Towne Oaks, a 78-unit, value-add apartment community in the Richland Hills area of Waco, Texas.

JLL marketed the property exclusively on behalf of the seller, Towne Oaks Waco, LLC. 3CM Multifamily purchased the asset free and clear of existing debt. John Bollinger, CEO of 3CM Multifamily, is rebranding the property to Tribeca.

Tribeca is situated on 4.61 acres at 4801 Sanger Avenue near major thoroughfares, including Highway 6, Texas State Highway 84 and Interstate 35, which provides connectivity to the grand DFW and Austin metropolitan areas. Additionally, the property is approximately 15 minutes southwest of bustling downtown Waco and nationally ranked Baylor University. Units include a mix of one- and two-bedroom floor plans averaging 932 square feet. Community amenities include a swimming pool, sundeck, courtyard, on-site laundry facilities and covered parking.

The JLL Capital Markets team representing the buyer was led by Executive Vice Presidents Zar Haro and Moses Siller.