JLL Secures Acquisition Financing for San Antonio Assets
JLL arranged financing on behalf of REEP Equity. The communities were both built in the 1980s and present value-add opportunities.
By Anca Gagiuc
Atrium Commons
JLL’s capital markets group secured acquisition financing for two San Antonio multifamily communities, on behalf of REEP Equity. Atrium Commons and Stratton Park received the loans from Fannie Mae. Other details about the transaction were not disclosed.
Built in 1983, Atrium Commons is a 15-building community with 256 units located on roughly nine acres at 8727 Huebner Road in northwest San Antonio, minutes from the South Texas Medical Center. The unit mix consists of studio, one- and two-bedroom floorplans, averaging 672 square feet. Common area amenities include a two-level fitness center, clubhouse, swimming pool and laundry facilities. Units feature private balconies/patios and outside storage.
Stratton Park
The 127-unit Stratton Park was completed in 1986 and comprises 13 two-story buildings on almost four acres at 12324 Starcrest Drive. The unit mix consists of one- and two-bedroom floorplans averaging 723 square feet. Community amenities include two swimming pools, two spas and a picnic area. Units feature private balconies/patios, fireplaces and vaulted ceilings.
Managing Director Mark Brandenburg and Vice President CW Sheehan led the JLL team in securing financing.
“San Antonio has benefited from recent job growth above the national average, driving demand for multifamily product near the city’s major employment centers,” Brandenburg said in prepared remarks. “Both of these assets give residents convenient access to both corporate and leisure demand generators.”
Images courtesy of JLL
