JLL Capital Markets announced that it has closed the sale and arranged financing for a five-property multihousing portfolio totaling 844 affordable housing units in various San Antonio, Texas, neighborhoods.
JLL marketed the offering exclusively on behalf of the seller, Terravista Partners, and procured the buyer, Pico Union Housing Corporation. Additionally, working on behalf of the new owner, JLL arranged an acquisition loan through Rialto Capital Management. Remaining loan proceeds will be used to renovate the properties.
The garden-style properties in the portfolio include Roselawn Apartments at 3346 Roselawn Road (120 units), Spanish Spur Apartments at 6835 Pecan Valley Drive (160 units), Villas of Pecan Manor at 6840 Pecan Valley Drive (160 units), Westwood Plaza Apartments at 2600 Westward Drive (308 units) and Winston Square Apartments at 2506 South General McMullen Drive (96 units). Constructed between 1960 and 1976, units average 769 square feet across the portfolio.
The JLL Capital Markets team representing the seller was led by Senior Directors Moses Siller and Zar Haro
JLL’s Capital Markets debt placement team representing the new owner was led by Director Anson Snyder.
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.