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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
