JLL closes sale, financing of San Antonio multi-housing property
The 216-unit, value-add community is located in the Northeast San Antonio submarket
SAN ANTONIO, February 27, 2020 – JLL Capital Markets announced today that it has closed the sale and arranged financing for OakRidge Apartment Homes, a 216-unit, value-add, garden-style multi-housing property located in the Northeast San Antonio submarket.
JLL marketed the property exclusively on behalf of the seller, Regional Investment & Management (RIM), and procured the buyer, Bellaire Partners, LLC. Additionally, working on behalf of the new owner, JLL arranged a five-year, fixed-rate acquisition loan through NexBank.
OakRidge Apartment Homes features 15 three-story buildings with units averaging 692 square feet. The well-maintained property features a resort-style pool, state-of-the-art fitness center, clubhouse, business center, grilling area and playground. Located at 11200 Perrin Beitel Road, the property is near Wurzbach Parkway and Interstate 410 Loop, which provides connectivity to all areas in the San Antonio-Austin corridor. Additionally, the property is less than five minutes from the Northern Hills Country Village shopping area, less than two miles from the Northern Hills Golf Club and approximately seven miles from the San Antonio International Airport.
The JLL Capital Markets team representing the seller was led by Senior Directors Moses Siller and Zar Haro.
JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Mark Brandenburg.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RIM
Regional Investment & Management (RIM) is a real estate investment firm specializing in the acquisition, renovation and operation of value-add multifamily communities through a vertically integrated owner-managed platform. RIM’s extensive expertise in analyzing risk, identifying opportunity and developing effective strategies to protect investor capital has allowed the firm to maximize asset value.
RIM’s success is driven by integrity, transparency and an ethics-based culture that understands and serves the needs of its customers. The firm aims to be more than a successful real estate investment and management firm; its commitment is to industry leadership and serving communities where RIM does business.
About Bellaire Partners, LLC
Bellaire Partners, LLC is a real estate private equity firm established by George Lintz to offer passive real estate investments for accredited investors, family offices and institutions. George Lintz founded The Bellaire Group of Companies in 2009 and is an owner operator of multifamily real estate in Texas, California and Wisconsin. The Bellaire Partners team focuses on purchasing value-add multifamily properties in major metropolitan areas, which have favorable economic factors and promising renter growth. Bellaire targets apartment communities with demonstrably under-market rents and re-positioning potential; including underperforming, undercapitalized or mismanaged assets. Bellaire's vertical integration with Texas-based Wehner Multifamily Property Management has created a powerful alliance with access to deal flow across Texas, along with shared resources to properly underwrite deals and maximize profit while remaining fully compliant. Bellaire Partners represents investors who seek yield, diversification and equity appreciation for their investment funds and retirement dollars.