JLL Capital Markets has closed the sale and acquisition financing for the garden-style Willow Ridge apartments in Southwest Houston. Terms of the transaction were not disclosed.
JLL completed the sale for the seller, Sentinel Capital, to the buyer, Alfa TX Investment Group. JLL also worked on behalf of the buyer to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The property was built in 1977, totals 188,220 square feet and has 262 one-, two- and three-bedroom apartments, averaging 93 percent occupancy over the last five years. All units offer private patios/balconies, breakfast bars, dishwashers and walk-in closets. Since 2016, Sentinel Capital has contributed over $750,000 in upgrades to the property, including replacements to signage, entrance gates, fencing, landscaping, HVAC, plumbing, modernizing the clubhouse and pool areas. Alfa TX Investment Group plans to continue enhancements to the units and common areas.
Located at 12800 Dunlap Street, Willow Ridge is positioned between Sugar Land and the Texas Medical Center, which is the eighth-largest central business district in the United States, providing access to over 100,000 jobs within a five-mile radius. Willow Ridge also offers direct access to Highway 90 and a short ride to various retail and dining options.
The JLL Capital Markets team representing the seller was led by senior director Joey Rippel, senior director Chris Young and analyst Kyle Whitney. The debt team representing the borrower was led by director Laura Sellingsloh.
“The competitive process for Willow Ridge demonstrated strong investor appetite for Houston multi-housing through the pandemic,” said Rippel. “Especially for workforce product where collections remained high.”
