JLL Secures Acquisition Loan 332-Unit Affordable Community
- Aug 14, 2017
JLL arranged an acquisition loan for Sunridge Apartments, a 332-unit affordable housing community in Grand Prairie, Texas, on behalf of Sunridge 332 Partners LP.
Located at 145 W. Pioneer Parkway, the community is within walking distance of a Kroger-anchored shopping center and multiple dining options, including La Nueva Puntada and Little Caesars Pizza. The asset sits less than two miles from President George Bush Turnpike and four miles from Interstate 20.
Sunridge features one- and two-bedroom apartments, averaging 508 square feet. According to Yardi Matrix data, rents start at $685 and go up to $815 as of July, when the 22-building asset was 97.6 percent occupied. Community amenities include a clubhouse, tennis court, volleyball court and swimming pool, as well as more than 330 parking spaces.
“Affordable housing communities continue to attract lender interest, especially assets that are located near major metro areas where there is strong demand,” Mark Brandenburg, managing director with JLL’s Capital Markets, said in a prepared statement.
Brandenburg negotiated the financing through the Freddie Mac Targeted Affordable Housing program. The acquisition loan comes a few weeks after Metropolitan Capital Advisors secured an $11.4 million construction loan for the first phase of East Dallas Townhomes.
Image courtesy of JLL