San Antonio-Area Community Lands Refi
- Mar 04, 2019
JLL Capital Markets has closed a Fannie Mae refinancing loan for The Colony, a 333-unit multifamily asset in Universal City, Texas, northeast of San Antonio. JLL Managing Director Mark Brandenburg arranged the loan on behalf of owner Frontline Holdings.
Located at 330 Kitty Hawk Road, The Colony is roughly 19 miles from downtown San Antonio. According to Yardi Matrix data, the asset was built in 1974 and consists of 34 two-story buildings encompassing efficiency and one- to three-bedroom units ranging from 405 to 1,248 square feet. Situated on a parcel of approximately 13.8 acres, the property had a 92.8 percent occupancy rate as of January. Common-area amenities include a fitness center, clubhouse, laundry facilities, two swimming pools and 569 parking spaces.
“Multifamily remains in high demand across Texas, thanks to significant job gains and growing populations,” said Brandenburg, in a prepared statement. “The Colony has been a strong investment for Frontline with continued upside given its great location, accessibility, and operational synergies with Frontline’s current portfolio.”
Image courtesy of JLL