JLL Capital Markets announced it secured a $42.84 million acquisition financing for Lola Apartments, a Class A multihousing property located in Riverview, a suburb in the southeast area of Tampa, Florida.
JLL worked on behalf of the borrower, Asia Capital Real Estate (ACRE), to secure the loan through the lender, CIT Group. ACRE operates a portfolio of roughly 1,300 units in the Tampa MSA, having immense experience in this sought-after market.
Lola Apartments delivered in Q1 of 2019 and experienced a rapid lease-up of about 20 units per month, demonstrating the strong demand for rental housing in the Tampa area. Suburban Tampa is experiencing significant rent growth, as evidenced by recent leases at Lola, which are being signed at a substantially higher rates than average in-place rates. In addition, the property faces limited competition as only two new multihousing properties are under construction within a five-mile radius.
The garden-style property consists of 264 one, two- and three-bedroom units and features best-in-class finishes, including stainless steel appliances, expansive island kitchens, balconies, walk-in closets, vaulted ceiling and access to smart technologies. Community amenities include a 24-hour fitness center, 8,000-square-foot clubhouse game room, resort-style pool and is pet-friendly.
Located at 9960 Jonas Salk Dr. in Hillsborough County, Lola Apartments are just 18 miles southeast from Downtown Tampa and across the street from Simmons Loop from St. Joseph’s Hospital, a major BayCare Health System hospital and economic driver for the area. Additionally, the South Bay Hospital and Tampa Regional Industrial Park, which consists of over 1.4 million square feet of industrial space, are within just a few miles from the property. The property is also one mile from I-75, providing access to Miami, the west coast of Florida and beyond.
The JLL Capital Markets team representing the borrower was led by Director Jesse Wright, Senior Managing Director Elliott Throne, and Associate Kenny Cutler.
“The borrower was able to capitalize on dramatic spread compression through the first half of 2021 to secure more accretive pricing than the agencies at a significantly higher leverage point,” said Wright. “They are well positioned to take advantage of the rent growth and economic expansion in this market with this flexible debt. We were grateful to be tapped by ACRE to assist on this opportunity.”
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 deliver 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.