JLL Brokers Houston Senior Community Deal
- Mar 17, 2020
JLL Capital Markets has brokered the sale of The Gardens at Spring Shadows, a 384-unit senior community in Houston catering to individuals aged 55 and over. Senior Directors Chris Young and Joey Rippel, together with Analyst Bailey Crowell, led the team assisting the seller in the disposition of the independent living asset.
The brokerage trio was also involved in the October sale of a 144-unit workforce housing property in Houston’s Bellaire submarket.
JLL also secured financing for the buyer through its debt placement team. Senior Managing Director Mark Brandenburg and Associate Chad Russell placed the three-year, floating-rate loan with two one-year extension options with Ready Capital. Aside from financing the purchase, the loan proceeds will also be used for property rehabilitation.
The senior community, renamed Emerson Pines after the purchase, occupies more than 11 acres at 10100 Kempwood Drive. The unit mix features studio, one- and two-bedroom floorplans averaging 740 square feet. Amenities include social areas, a dining room, a library, a dog park and two swimming pools. Services offered include transportation, community activities, social events, fitness classes and wellness checks.
Located some 15 miles northwest of downtown Houston in the Spring Branch neighborhood, the property is less than two miles east of Beltway 8, with Interstate 10 roughly three miles south.