Sale and financing of multihousing community in central Texas closes

JLL Capital Markets closed the sale of the 200-unit The Remington to GPI Investment LLC and arranged acquisition financing

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The Remington
JLL closed the sale of and arranged acquisition financing for The Remington, a 200-unit, garden-style multihousing community in Killeen, Texas.

JLL Capital Markets announced that it has closed the sale of and arranged acquisition financing for The Remington, a 200-unit, garden-style multihousing community in the central Texas city of Killeen, Texas.

JLL marketed the property on behalf of the seller, NALS Apartments Homes. JLL worked on behalf of GPI Real Estate Opportunity Fund to originate the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

The Remington comprises one- and two-bedroom units ranging from 450 to 1,100 square feet. Units feature a ceiling fan, separate dining area and private patio/balcony with storage closets. Select units feature a full-size washer and dryer, upgraded faux wood flooring and wood-burning fireplace. Community amenities include a seasonal swimming pool and sundeck, fitness center, off-leash dog park, car wash area, barbeque grills, business center and laundry facility.

Located at 1001 North Twin Creek Dr., The Remington is approximately 60 miles north of Austin, 50 miles southwest of Waco and 10 miles southwest of Temple in central Texas. The property is just north of heavily traveled thoroughfares Highway 190 and Interstate 14, providing residents ease of access throughout Killeen and to nearby employment hubs. Just 15 minutes from the property is Killeen’s western neighbor, Fort Hood, the largest U.S. Army base in the world. There are currently 45,000 military personnel assigned to Fort Hood, with a civilian workforce over 20,000. Other major employers in the Killeen-Temple-Fort Hood MSA include the Scott & White Memorial Hospital, McLane Company, Killeen ISD, Texas A&M University-Central Texas, Metroplex Health System, City of Killeen, Atmos Energy, Westar Aerospace, Bell Glass, L-3 Communications, Pactiv Corporation and Wilsonart International.

The JLL Capital Markets Investment Sales Advisory team representing the seller included Senior Managing Director Sean Sorrell, Senior Director Steven Hahn Jr., Director Art Barnes and Senior Directors Ryan McBride and Joe Dowdle. Analysts for the JLL team included Nicole Fontaine and Sam Nichols.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director CW Sheehan and analysts Matthew Ctvrtlik and Scott Dickey.

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.