JLL Capital Markets announced that it has closed the sale of a 300+-unit, garden-style multihousing property in Pasadena, Texas.
JLL worked on behalf of the seller, 29th Street Capital, to complete the sale to the buyer.
The property is well-located in Pasadena, part of the greater southeast Houston area, and is positioned proximate to the Sam Houston Tollway (Beltway 8), offering connectivity throughout the area. The Pasadena submarket is anchored by the Port of Houston and the Houston Ship Channel (the nation’s largest petrochemical complex).
The JLL Capital Markets team representing the seller was led by Senior Director Chris Young, Senior Director Joey Rippel and Analyst Kyle Whitney.
“This property is the third workforce housing transaction we’ve closed in the last six weeks,” states Young. “Investor demand for this asset class in Houston has only increased this year, especially for assets where the owner has primed it for a buyer to increase value immediately.”
Young continues, “The property’s value-add potential and its location in a supply-constrained submarket enabled us to procure a buyer off-market and accelerate the sale process for the owner.”
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.