CHICAGO – JLL announced today that it has closed the $17.7 million sale and $12.95 million in acquisition financing for a three-property student housing portfolio totaling 294 beds steps from Missouri State University in Springfield, Missouri.

JLL marketed the portfolio exclusively on behalf of the seller, a joint venture between Miller Commerce and O’Reilly Development Company, LLC. An undisclosed buyer purchased the offering and JLL worked on their behalf to secure three fixed-rate Fannie Mae acquisition loans totaling $12.95 million. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The three properties in the portfolio are Deep Elm, a 39-unit/116-bed property located at 701 E. Elm Street; The Jefferson, a 30-unit/86-bed property located at 835 S. Jefferson Avenue; and The Q’ube, 29-unit/92-bed located at 634 E. Bear Boulevard. The portfolio is 98% occupied overall and features an average distance to campus of 0.1 miles.

The JLL Capital Markets investment advisory team representing the seller included Directors Scott Clifton and Stewart Hayes and Senior Managing Director Danny Kaufman.

JLL’s Capital Markets debt placement representing the new owner was led by Managing Director Matthew Schoenfeldt and Director Daniel Kearns.

DENVER – JLL announced today that it has arranged financing for Advenir at Legado Ranch, a 360-unit, garden-style apartment complex in the West Texas market of Odessa, Texas.

JLL worked on behalf of the borrower, Advenir, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

Advenir at Legado Ranch is situated on nearly 17 acres at 4001 De Morada Drive along the southwestern edge of the Llana Estacado of West Texas. Completed in 2018, the gated property consists of 12 buildings with residential units totaling 326,838 rentable square feet or approximately 908 square feet per unit. Unit amenities include fully equipped kitchens with granite countertops, hardwood floors, walk-in closets, in-unit washers and dryers and patios. Community amenities include a swimming pool, cabana, dog park, playground, clubhouse, media center/movie theatre and fitness center. The property was more than 91% occupied at closing.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Director Matthew Putterman.

CHICAGO – JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.

JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.

The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.

PHOENIX – JLL announced today it has closed the $75 million sale and arranged $57.2 million in acquisition financing for Indigo Palms, a 432-unit, garden-style multi-housing community in Phoenix, Arizona.

JLL represented the buyer, Knightvest Capital, in the purchase of the property from a high-net-worth individual in an off-market transaction. JLL also worked exclusively on Knightvest’s behalf to place the acquisition financing with a national bank.

Indigo Palms, which Knightvest has rebranded as Oxford Apartments, is located at 38th Street and McDowell Road on the border of the Arcadia and Tempe neighborhoods. The property consists of 28 two-story buildings that encompass a mix of one-, two- and three-bedroom units totaling 404,987 rentable square feet. Apartment homes include spacious floor plans, large walk-in closets, fully equipped kitchens, high ceilings, and balconies or patios. Community amenities include a resort-style pool, spa, fitness center, clubhouse, gated access and optional private garages. The property was 94% occupied at closing.

The JLL Capital Markets investment advisory team representing the buyer was led by Director Mike Higgins.

JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg. 

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.

CHICAGO – JLL announced today that it has arranged financing for Springdale Apartments, a 199-unit apartment community located in the Milwaukee suburb of Waukesha, Wisconsin.

JLL worked on behalf of the sponsor, Spaulding Group, to secure the fixed-rate loan through Argentic Real Estate Finance LLC. The 75% LTV loan has a term of 10 years with interest-only payments for the length of the loan.

Springdale Apartments is situated on 13.9 acres at the southeast corner of Bluemound and Springdale Roads approximately 20 miles west of downtown Milwaukee. The 95.5% occupied property offers excellent access to recreation, transportation, employment centers and premier shopping. Springdale Apartments consists of eight two- and three-story buildings comprising 199 one-, two- and three-bedroom units ranging between 677 and 1,210 square feet along with 264 surface parking spaces. Community amenities include a heated outdoor swimming pool, clubroom, fully equipped fitness center, volleyball court, playground and picnic area.

The JLL Capital Markets debt placement team representing the borrower was led by Senior Vice President Brian Walsh and Associate Patrick Healy.