May 1, 2020
JLL Capital Markets announced it closed the sale of The Loop Apartments, a 188-unit, Class A luxury apartment community in Conroe, TX, about 40 miles northwest of Houston. The firm also arranged acquisition financing for the undisclosed buyer.
A JLL team of Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney represented the seller, Apartment Advisors, and procured the buyer. JLL’s Tim Leonhard, Mary Davis and Eric Hightower worked on the new owner’s behalf to arrange a fixed-rate Fannie Mae acquisition loan for an undisclosed amount.
The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Completed in 2017, the sought-after property consists of eight three-story apartment buildings that house a mix of one, two and three-bedroom floor plans averaging 909 square feet. Units feature luxury lighting packages, stainless steel appliances and high-end finishes.
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