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.

Allied Orion Group recently acquired Ashford Apartments (formerly known as Alexan Ashford), located in the heart of Houston’s Energy Corridor, in late February from Trammel Crow Residential.  This acquisition marks the firm’s first property purchase in more than 19 years--adding an additional facet to its already established development, acquisitions, and property management focus. Expanding its growing portfolio by acquiring existing Class A and B assets is part of the company’s overall growth plan.  

 Built in 2017 and situated at 1200 N. Dairy Ashford Rd near I-10 and Dairy Ashford, Ashford offers upscale one and two-bedroom apartment homes, featuring granite countertops, gas stoves, upgraded wood cabinetry with clear cabinet door accents and under cabinet lighting, custom backsplash options, garden tubs, 10-foot ceilings, washers/dryers, oversized windows and doors, built-in USB ports in the kitchen and bathrooms, Bluetooth speaker package, Butterfly MX video intercom for residents, beverage coolers, and nest thermostats. 

Ashford offers a wide array of amenities, such as a resort-style pool with in-pool lounges and seating, sun deck and poolside cabanas, a two-story, state-of-the-art fitness center with towel service, indoor and outdoor Wi-Fi lounges, clubroom, demonstration kitchen, 24-hour coffee bar, covered outdoor kitchen featuring two grills, TV and ceiling fans, outdoor fire pit, enclosed dog park with washing station, package concierge lockers, apartment butler service option, bike storage, covered parking garage, and electric vehicle charging stations.  

“We are pleased to add Ashford to our owned and managed property portfolio,” said Ricardo Rivas, Principal and Chief Executive Officer of Allied Orion Group.  “We have been evaluating hundreds of acquisitions opportunities, and Ashford met our core plus criteria. The projected pro-forma rents were already achieved in the current market, and at a 10 percent discount to replacement costs, it made perfect sense for us. We basically were able to accomplish in 60 days what would have taken us four years to develop and stabilize.” 

WASHINGTON, D.C. – October 9, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $83 million sale of Alexan Concorde, a 310-unit, Class A luxury apartment community in Linthicum Heights, Maryland.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group, represented by its subsidiary Eagle Realty Group.  The buyer, procured by the HFF team, was AvalonBay Communities, Inc.

Alexan Concorde is located at 811 Concorde Circle less than a mile from the Baltimore-Washington Parkway (Highway 295) and adjacent to Baltimore-Washington International (BWI) Airport.  Though the property is situated on 11.4 acres in a quiet wooded neighborhood setting, the property is still highly accessible to more than 36.5 million square feet of office space within 10 minutes and a short commute from other major employment drivers in Baltimore, Fort Meade and Washington, D.C.  Completed in 2016, the Alexan Concorde’s five elevator-serviced buildings house a mix of studio, one-, two- and three-bedroom units averaging 973 square feet with features, including stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets.  Community amenities include a resort-style pool with fire pit and grilling stations; clubhouse with shuffleboard, billiards, outdoor ping pong and multiple high definition TVs; community kitchen and workspace; oversized fitness area with cross fit gym and adjoining children’s mini-club; and dog run.

The HFF investment advisory team representing the seller included Walter Coker and Brian Crivella.

“The sale of Alexan Concorde represents a prime example of the renewed interest by institutional REITs in high-quality suburban assets,” Crivella commented.

DENVER, CO – September 4, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Alexan Uptown, a 372-unit, 12-story luxury apartment tower located in downtown Denver’s highly popular Uptown neighborhood.

The HFF team marketed the asset exclusively on behalf of the seller, Trammell Crow Residential (TCR), and procured the buyer, Equity Residential.  The sale marks Equity Residential’s re-entry into Denver since exiting the market in January 2016.

Alexan Uptown is a 12-story luxury community located at 1935 Logan Street, a core location that positions the property within walking distance to numerous critically acclaimed restaurants, bars and entertainment destinations and adjacent to employers within the Denver CBD.  The transit-oriented property is also steps from bus and light rail service.  Completed in 2017, the property consists of studio, one- and two-bedroom floor plans averaging 771 square feet.  Units are appointed with high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies.  Community amenities include a resort-style pool and spa offering sweeping views of downtown, Coors Field and the Rocky Mountains; state-of-the-art fitness center with yoga, cross training and spin studios; fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations.

The HFF investment advisory team representing the seller included managing director Jordan Robbins and director Anna Stevens.

“The offering attracted significant buyer interest due to its prime location in the core, walkable, highly amenitized Uptown neighborhood of downtown Denver,” Robbins noted.