Prasiti Asset Manager has acquired Retreat at Western Hills, a 14-building, 224-unit apartment community in Temple, Texas, from CEG Multifamily LLC.
A JLL Capital Markets team led by Senior Vice President Zar Haro and Vice President David Fersing led the marketing and sales efforts on behalf of the seller. The sale comes as JLL notes there is increasing investor interest in multifamily investments across Texas due to jobs and population growth.
“Retreat at Western Hills is a tremendous strategic value-add opportunity for the investor,” Haro said in a prepared statement. “The property is in a great, centralized location, surrounded by the region’s top employers. There’s terrific potential to boost rents with the right capital investments and opportunities for great long-term upside.”
The multifamily property is located on 9.51 acres at 601 North Twin Oaks Drive. Onsite amenities include a resort-style swimming pool, fitness center, clothing care center and resident clubhouse.
Additional Texas deals
Last week, Haro and JLL colleague, Vice President Moses Siller, brokered the sale of an apartment community in San Antonio, Texas, on behalf of the seller, Leuven Group. GVA Real Estate Investments purchased the 260-unit Cordoba Apartment Homes, a 7.9-acre property at 7810 Callaghan Road.
Also in Texas, the JLL Capital Markets team led by Managing Director Mark Brandenburg recently arranged the acquisition financing for Internacional and Dome Equities to purchase Sunrise Canyon Apartment Homes, a 208-unit community in Universal City. Brandenburg and his team arranged the financing on behalf of the new owners through Freddie Mac in August.
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Image courtesy of JLL