November 6, 2020
JLL Capital Markets closed the sale and acquisition financing for the garden-style Willow Ridge apartments in Southwest Houston. The firm completed the sale for the seller, Sentinel Capital, to the buyer, Alfa TX Investment Group.
JLL also worked on behalf of the buyer to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital.
The JLL Capital Markets team representing the seller was led by senior directors Joey Rippel and Chris Young and analyst Kyle Whitney. The debt team representing the borrower was led by director Laura Sellingsloh.
“The competitive process for Willow Ridge demonstrated strong investor appetite for Houston multi-housing through the pandemic,” said Rippel. “Especially for workforce product, where collections remained high.”
The property was built in 1977, totals 188,220 square feet and has 262 one-, two- and three-bedroom apartments, averaging 93% occupancy over the last five years.
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