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 St., 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.”
Rippel continued, “Willow Ridge is a great strategic investment in the current environment. It is a clean and stable cash flow asset with original interiors that can be upgraded to increase NOI as the market improves.”
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multihousing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 sales 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.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.