JLL Capital Markets announced that it has closed the sale of 11th Street Flats, a 134-bed / 45-unit student housing community adjacent to Baylor University in Waco, Texas.
JLL represented the seller, Newsome Development and Investments. Waterway Family Funds acquired the asset. This transaction marks the first student housing acquisition for Waterway Family Funds since Jeremy Pemberton, formerly with Waypoint Residential, joined the company in 2022.
Constructed in 2015, 11th Street Flats features two-, three- and four-bedroom units with nine-foot ceilings, granite countertops, private bathrooms for each bedroom, fully furnished living rooms, flat screen televisions and full-size washers and dryers. Community amenities include a fitness center, off-street parking, a study lounge, a campus view deck, and bike racks. The property is 100 percent leased by Baylor University through the Fall of 2024.
Situated at 1722 S 11th St., the community is located between I-35, La Salle Avenue and the south side of the university, which serves as the most attractive area for students at Baylor University while also being along the bus route. The property is approximately 0.3 miles from the university, 1.9 miles from the McLane Football Stadium and 1.8 miles to the popular bars and restaurants of downtown Waco. The University benefits from its positioning between the economically productive cities of Dallas, Houston and Austin and the significant population increase across the state of Texas.
The JLL Capital Markets team was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
