JLL announced today that it has arranged financing for Advenir at Legado Ranch, a 360-unit, garden-style apartment complex in the West Texas market of Odessa.
JLL worked on behalf of the borrower, Advenir, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.
Advenir at Legado Ranch is situated on nearly 17 acres at 4001 De Morada Drive along the southwestern edge of the Llana Estacado of West Texas. Completed in 2018, the gated property consists of 12 buildings with residential units totaling 326,838 rentable square feet or approximately 908 square feet per unit. Unit amenities include fully equipped kitchens with granite countertops, hardwood floors, walk-in closets, in-unit washers and dryers and patios. Community amenities include a swimming pool, cabana, dog park, playground, clubhouse, media center/movie theatre and fitness center. The property was more than 91 percent occupied at closing.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Director Matthew Putterman.
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.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.