JV Acquires 208-Unit TX Community
- Aug 30, 2018
Internacional and Dome Equities have acquired Sunrise Canyon Apartment Homes, an 8.2-acre multifamily community in Universal City, Texas. JLL Capital Markets arranged the acquisition financing on behalf of the new owners through Freddie Mac.
“Our partner, Dome, and Internacional are very excited to have closed on this opportunity. The execution to closing was smooth thanks to our friends at JLL. We continue to target the major markets of Texas and look forward to closing many more,” L. Miguel Arce, CEO of Internacional, told Multi-Housing News.
Located at 501 Sunrise Canyon Drive, the community offers 208 one-, two- and three-bedroom floorplans ranging from 663 to 1,221 square feet. The property comprises nine two- and three-story buildings and is 89.4 percent occupied as of July 2018. According to Yardi Matrix, the last known owner was Lowe Enterprises, which purchased the asset in December 2016 from Kohlberg Kravis Roberts & Co. Apartment features include black appliances, wood-style flooring, air conditioning, ceiling fans, upgraded cabinetry with brushed nickel hardware, private balcony/patios, walk-in closets, washer/dryer connections, carpeting in bedrooms, storage space and linen closets. Common area amenities include:
- fitness studio
- internet cafe with Wi-Fi
- bark park
- business center
- recycling center
- swimming pool with tanning deck
- trellis-covered outdoor grill
- community lounge
- laundry facilities
- shaded outdoor lounge
- detached garages and carports available
- 420 parking spaces
JLL Capital Markets Managing Director Mark Brandenburg led the financing efforts. In March, Brandeburg arranged a $69.8 million acquisition loan on behalf of S2 Capital, to finance its purchase of Brompton Court Apartments, a 793-unit community in Houston.
“Multifamily remains in high demand across Texas, thanks to significant job gains and growing populations,” said Brandenburg, in a prepared statement. “Sunrise is a great investment opportunity for Internacional with tremendous upside given its great location, accessibility, resident amenities, and operational synergies with Internacional’s current portfolio.”
Image courtesy of JLL