JLL Secures Acquisition Loan for 224-Unit Community in Grapevine
- Apr 26, 2016
Dallas—JLL’s Capital Markets recently secured an $18.3 million loan on behalf of a Texas-based investment firm for the acquisition and rehabilitation of a 224-unit apartment community located in Grapevine, Texas. Prudential provided the financing for Lakes of Williamsberg and Mark Brandenburg, executive vice president, led the JLL team on the transaction.
Located at 2950 Mustang Drive in the Grapevine/Southlake submarket, Lakes of Williamsberg features one-, two- and three-bedroom floorplans in 14 two-story buildings. The property’s apartments range between 751 and 1,000 square feet and monthly rents range from $785 to $1,030. Community amenities include a 24-hour gym, business center, club house, laundry facilities, on-site maintenance, a park with BBQ grills, a swimming pool and 450 parking spaces. The Grapevine/Southlake submarket recorded a third quarter multifamily occupancy rate of 95.8 percent, 30 basis points higher than the Dallas-Fort Worth metropolitan area average.
“Lakes of Williamsberg is one of the few multifamily assets in the prestigious Grapevine/Colleyville Independent School District and represents a tremendous value-add opportunity for our client in a high barrier-to-entry market,” Brandenburg said in a prepared statement.
Image courtesy of JLL