DALLAS – JLL Capital Markets announced today it has closed the sale of Summer Brook, Summer Green I & II and Summer Lake, three workforce multi-housing communities totaling 884 units in the East Texas community of Longview.

JLL marketed the properties on behalf of the seller, BSR Real Estate Investment Trust. Monarch Investment & Management Group purchased Summer Brook and Summer Green I & II and Saxony Capital Management (“Saxony”) purchased Summer Lake. JLL’s debt placement team also worked on Saxony’s behalf to secure a floating-rate loan for the acquisition of Summer Lake through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender. 

Summer Brook is located at 2300 Bill Owens Parkway in the desirable North Longview submarket near major retail amenities, including Longview Mall and Longview Towne Crossing. The 12.25-acre property includes a mix of 208 one-, two- and three-bedroom units averaging 855 square feet. Summer Brook features a resort-style swimming pool, grilling/picnic area, business center, 24-hour fitness center, reserved covered parking and available private garages, and direct access to the adjacent Paul G. Boorman Running Trail.

Summer Green I & II is situated on 19.11 acres at 110 E. Hawkins Parkway. The two-phase community features a mix of 164 one-bedroom and 260 two-bedroom units averaging 905 square feet. Community amenities include two resort-style swimming pools, a grilling/picnic area, basketball court, 24-hour fitness center, clubhouse, children’s playground, bark park with pet washing station, and a total of 720 parking spaces.

Summer Lake is located at 3100 McCann Road on a 12.6-acre site adjacent to Longview Mall and Loop 281. Units include a mix of studio, one- and two-bedroom floor plans averaging 852 square feet. Summer Lake features two resort-style pools, grilling area with pergolas, stocked fishing lake, lighted sports court, clubhouse, dog park and reserved covered parking.

The JLL Capital Markets team representing the seller included Senior Director Greg Toro and Director Steven Hahn, Jr.

JLL’s Capital Markets debt placement team assisting Saxony with acquisition financing for Summer Lake was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.

MINNEAPOLIS – JLL announced today that it has closed the sale of a 10-property, 970-unit multi-housing portfolio located in the Midwestern communities of Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET for a total of $78 million.

JLL marketed the portfolio exclusively on behalf of IRET. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.

The Sioux Falls tranche totaled 526 units. The seven properties were completed between 1985 and 2000 and all provide residents immediate access to leading employers, entertainment venues and major thoroughfares, including Interstates 29 and 90. The Sioux City tranche comprises three communities encompassing 444 units. With completion dates ranging from 1970 to 1998, all of the properties are located within five miles of the city center, which provides residents access to downtown employers and major retailers. The occupancy for the entire portfolio at sale totaled 93%. 

The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg, Vice President Adam Haydon and Senior Director David Gaines.