HOUSTON, TX - JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas.
JLL marketed the property exclusively on behalf of the seller, MBP Capital, Inc., and procured the buyer, Raven Multifamily. Additionally, JLL worked on the new owner’s behalf to secure a 12-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
The Palace is located at 1601 Regency Court with visibility along Pioneer Parkway and Arkansas Lane in the Dallas-Fort Worth area’s Central/South Arlington submarket. Originally constructed in 1971, the 12-building, two-story property has recently undergone major renovations, including new signage, exterior improvements and the addition of numerous common area amenities such as a swimming pool, new leasing/management office and laundry rooms. Other amenities include a courtyard with barbecue grills, large patios and balconies and walk-in closets. The Palace offers seven spacious floor plans averaging 893 square feet, which range from one- to three-bedroom configurations. The property was 96.4% occupied at closing.
The JLL Capital Markets team representing the seller included Vice Presidents Art Barnes and David Godvin and Executive Vice President Jorg Mast.
JLL’s Capital Markets debt placement team representing the new owner included Executive Vice President Deverick Jordan, Vice President Andrew Speer, Manager Clint Hoelscher and Analyst Donovan Collins.
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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Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
About MBP Capital, Inc. MBP Capital, Inc. (“MBP”) was founded by Mike Phillips and Cathy Finn (collectively, the “Key Principals”) in 2006 to focus on the acquisition and investment management of multifamily residential properties, located predominantly in Texas and Colorado. The Key Principals of MBP have been involved in over 250 successful brokerage transactions, the ownership of over 5,000 multifamily units and the management of over 30,000 Class A, B and C multifamily units in Colorado and Texas.
MBP is a private multifamily investment manager with strong experience and presence in major metropolitan markets in Texas and Colorado. MBP is a vertically integrated real estate investment firm, with a property management subsidiary that provides management services to MBP properties totaling approximately 3,000 units across Dallas-Fort Worth and San Antonio.
About Raven Multifamily: Dallas-based Raven Multifamily specializes in value-add multifamily by investing in high-growth markets throughout the United States. Raven provides investment opportunities to individual and institutional investors. Led by Principals Venkat Avasarala and Ramana Korada, the company’s current portfolio consists of 2,662 units totaling $215 million across 11 assets. For further information, visit ravenMF.com
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com