JLL Capital Markets announced today it arranged financing for the acquisition of Residences 2727, a 171-unit multi-housing property located in the Westchase submarket of Houston, Texas.

JLL worked on behalf of the borrower, REEP Equity, to secure the five-year, fixed-rate loan through the lender, NexBank. The borrower also plans to use funds to update the property, including improvements to the building’s exterior, community amenities and unit interiors.

The borrower will specifically build out a business center, update the spa, pool and courtyard area, update the fitness center with new equipment, modernize the resident lounge, install a new pet park and improve the visibility of all signage. The unit mix for the apartments includes one- and two-bedroom floorplans, averaging 917 square feet. The property totals 156,337 square feet and sits on 3.76 acres.

Located at 2727 Elmside Dr., the apartments are proximate to Beltway 8 and Westheimer, allowing premiere access to the Uptown, CityCentre and Downtown Houston areas. Additionally, the Westchase submarket is home to various employment opportunities. The area is known as a key business district and includes many grocers, cafes, dining and retail options.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mark Brandenburg, Senior Director CW Sheehan and Analyst Cort Martin.

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 deliver best-in-class solutions for clients — whether investment sales 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.

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