JLL announced today that it has closed the sale of Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket.
JLL marketed the property exclusively on behalf of a joint venture between WillMax Multi-family Investors, L.P. and Thackeray Partners, and procured the buyer, ClearWorth Capital.
Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. Completed in the 1990’s, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center and covered parking.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Estee Ibáñez.
“The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited Class A options and no new supply,” Curry said. “Class B assets like Steeplecrest offer Class A performance with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.”
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.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
