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JLL's Capital Markets group announced today that it has arranged a $1.1 billion, 15-property, national multi-housing portfolio venture located in six states.
JLL worked on behalf of the owner, Sunroad Enterprises, to capitalize the portfolio with Fairfield, who was awarded the portfolio through a targeted marketing process. Additionally, JLL also arranged $415 million in financing for 10 assets with Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender. Additionally, $250 million of financing was secured from accounts managed by global investment firm KKR.
The portfolio, which represents a portion of Sunroad's overall portfolio, was assembled over a six-year period. It totals 3,830 units and consists of six high-quality, Class A "core" assets and nine value-add assets with ongoing renovations underway. The assets have an average vintage of 2011 and are a mix of 65% garden-style communities and 35% mid-rise communities that are geographically diverse, with six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia.
Posted In: JLL
