JLL Capital Markets announced that it has arranged $14.1 million in acquisition financing for The Arch at Abilene, a 192-unit multifamily community in Abilene, Texas.
JLL represented the borrower, Eastman Residential, in securing the loan.
The Arch at Abilene, located at 2702 N Judge Ely Boulevard, features 72 two- and 120 three-bedroom units with high-quality finishes, in-unit washer-dryers and fully responsive HVAC central air systems.
Abilene’s economy is diversified across healthcare, education, defense, government, manufacturing and aerospace sectors. Major employers include Dyess Air Force Base with 8,900 employees, which has seen a 75% increase in staff since 2014 and was selected in 2022 to host the new B-21 Raider bomber program. The property benefits from its proximity to the first Stargate project – an over $15 billion joint venture between Oracle, OpenAI, SoftBank, and MGX to advance U.S. AI infrastructure. The first phase includes 10 data centers just four minutes from the site, expected to generate thousands of short-term construction jobs and 1,000-1,500 permanent high-paying tech roles upon completion.
Eastman’s business plan includes targeted interior upgrades and exterior enhancements such as adding a playground and pickleball courts to rebrand the property as an affordable alternative to new construction in the market.
The Abilene multifamily market demonstrates strong fundamentals with a 5.06% vacancy rate and robust rent growth of 9.5% year-over-year, outpacing the metro-wide growth of 6.8% and significantly exceeding five-year and ten-year averages.
“We are excited to acquire The Arch at Abilene, a well-located community in a market with tremendous long-term growth potential,” said Zach Schofel, CEO of Eastman Residential. “The property’s proximity to the $15 billion Stargate project and Dyess Air Force Base positions it to benefit from significant job creation and economic expansion. Combined with Abilene’s affordability, strong quality-of-life fundamentals and diverse economy, we see this as a unique opportunity to deliver value to residents and our investors while strengthening Eastman’s presence in Texas.”
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Scott Aiese and Director Alex Staikos.
“This acquisition financing reflects Eastman Residential’s proven ability to successfully identify and create value in secondary markets with little to no new supply and position a property to be the new luxury option in the market generating outsized yields,” said Aiese. “The Arch at Abilene represents an attractive value-add opportunity in a growing Texas market with strong economic fundamentals.”
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.
