JLL Capital Markets announced that it has arranged a $1.1 billion, 15-property, national multifamily portfolio venture located in six states.
JLL worked on behalf of the owner, Sunroad Enterprises, to capitalize the portfolio with Fairfield, who was awarded the portfolio venture through a targeted marketing process. Additionally, JLL also arranged $415 million in financing for 10 assets with Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender. Additionally, $250 million of financing was secured from accounts managed by global investment firm KKR.
The portfolio, which represents a portion of Sunroad’s overall portfolio, was assembled over a six-year period. It totals 3,830 units and consists of six high-quality, Class A “core” assets and nine value-add assets with ongoing renovations underway.
According to JLL’s Global Living Investment Universe 2025 report, Living is the largest sector globally and is forecast to retain the number one spot with a further $1.4 trillion in transactions over the next five years. The Living 15, the largest investment markets, contributed 98% of living investment and 32% of global commercial real estate investment over the last five years, with investment rising 19% from the previous five years.
“These assets are some of the most desirable from a location, positioning and improvement perspective,” stated Dan Feldman, President of Sunroad Asset Management. “JLL conducted a strategic analysis of top-tier capital partners, and Fairfield, with their strong financial backing, made sense for us. Sunroad was focused on alternative exit strategies, which enabled liquidity to be created while not divesting of the assets. This was the perfect solution for Sunroad.”
“Fairfield was attracted to the premier quality of the assets and their locations across multiple high-growth markets,” said Wes Dickerson, Executive Vice President of Fairfield. “Sunroad has done an excellent job maintaining the portfolio in an institutional manner and has executed a top-of-the-line renovation strategy that we look forward to completing as partners. Fairfield has been focused on specialized recapitalization opportunities across our various investment vehicles for the past year and this transaction is representative of that strategy.”
JLL Capital Market’s advisory team was led by Senior Managing Directors Aldon Cole, Roberto Casas and Tim Wright and Vice President Bharat Madan. Colton Apartments in Henderson, NV, was handled by Managing Director Mark Wintner.
“This unique transaction brought together Sunroad Enterprises and Fairfield, two of the U.S.’s most capable multifamily operators,” said Cole. “Despite headwinds in the broader economy, this transaction demonstrates strong demand and liquidity in the multi-housing sector for both core and value-add properties as evidenced by the scale of this transaction.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
