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Jones Lang LaSalle Inc.

11/05/2019 | Press release | Distributed by Public on 11/05/2019 17:18

JLL closes sale of Northwest Houston apartment community

HOUSTON, November 5, 2019 - JLL announced today that it has closed the sale of Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston's Jersey Village submarket.

JLL marketed the property exclusively on behalf of a joint venture between WillMax Multi-family Investors, L.P. and Thackeray Partners, and procured the buyer, ClearWorth Capital.

Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. Completed in the 1990's, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center and covered parking.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Estee Ibáñez.

'The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited Class A options and no new supply,' Curry said. 'Class B assets like Steeplecrest offer Class A performance with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: U.S. newsroom.

WillMax Capital Management was established in 1993 with a mission to provide each of its residents with an apartment to call home. WillMax consistently strives to find what a renter desires in their new home and works to make those desires a reality. WillMax is based in Dallas with apartment communities located throughout the DFW and Houston metroplex. willmax.net

Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial and rental housing properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Thackeray invests in real estate through a series of private equity funds. The limited partners of Thackeray's funds consist primarily of university and hospital endowments, charitable foundations, and U.S. based family offices. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling nearly $5.0 billion, representing equity placements of approximately $1.1 billion. Total investment activity includes over 230 separate transactions representing over 22,500 apartment units and nearly 19.5 million square feet of industrial space. For more information, visit thackeraypartners.com.

Steeplecrest is the 12th renovation undertaken by ClearWorth Capital. ClearWorth is teaming up with Houston-based NOI Property Management, continuing a long partnership between the two companies.

ClearWorth Capital is led by Matthew P. Stone, it's Managing Partner and CEO. Throughout his career, Mr. Stone has developed or acquired more than 7,000 apartment units, and in excess of $1 billion in commercial real estate across multiple property types.

ClearWorth Capital is seeking value-add multifamily opportunities throughout Texas. For acquisition opportunities, please contact Jordan Tabbert at [email protected].