JLL Capital Markets announced that it has arranged the financing for The Reserve on Kingsland, formerly known as Lenox Reserve, a 382-unit, Class A multifamily community in Katy, Texas.
JLL represented the borrower, Price Realty Corporation, in arranging the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The Reserve on Kingsland, located at 23403 Kingsland Boulevard in Katy’s prestigious Cinco Ranch area, offers convenient access to major employment centers and the highly rated Katy Independent School District.
The Houston metropolitan area continues to experience strong population and employment growth, particularly in the Katy submarket, which boasts exceptional demographics with average household incomes of $132,834 within a three-mile radius of the property.
The Reserve on Kingsland offers residents a comprehensive amenity package including pools, 24-hour fitness center, package lockers, dog park with dog wash station, business center with private workspaces, club room with demo kitchen and game room. Unit interiors feature granite countertops, stainless steel appliances, undermount single-basin sinks, vinyl flooring, LED lighting, garden bathtubs, walk-in showers and full-size washers and dryers.
“Price Realty is proud to add Reserve on Kingsland to our growing Houston portfolio. With high-quality construction, limited new supply, and strong fundamentals, we believe this asset is well positioned to deliver long-term, outsized returns. Backed by our proven track record and all-star management team, we remain focused on expanding our Class A footprint in Houston,” said Michael Ochstein, President of Price Realty Corporation.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Andy Scott and Michael Cosby, Director Bo Beidleman, Associate Blake Morrison and Analyst Aaron Craig.
“The successful arrangement of acquisition financing for The Reserve on Kingsland highlights the continued appeal of quality multifamily assets in high-growth submarkets like Katy,” commented Cosby. “The property’s strategic location near major employers, top-rated schools and premiere retail destinations makes it an exceptional investment opportunity in today’s market.”
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 and 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.
