JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas.
JLL marketed the property exclusively on behalf of the seller, MBP Capital, Inc., and procured the buyer, Raven Multifamily. Additionally, JLL worked on the new owner’s behalf to secure a 12-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
The Palace is located at 1601 Regency Court with visibility along Pioneer Parkway and Arkansas Lane in the Dallas-Fort Worth area’s Central/South Arlington submarket. Originally constructed in 1971, the 12-building, two-story property has recently undergone major renovations, including new signage, exterior improvements and the addition of numerous common area amenities such as a swimming pool, new leasing/management office and laundry rooms. Other amenities include a courtyard with barbecue grills, large patios and balconies and walk-in closets. The Palace offers seven spacious floor plans averaging 893 square feet, which range from one- to three-bedroom configurations. The property was 96.4% occupied at closing.
The JLL Capital Markets team representing the seller included Vice Presidents Art Barnes and David Godvin and Executive Vice President Jorg Mast.
JLL’s Capital Markets debt placement team representing the new owner included Executive Vice President Deverick Jordan, Vice President Andrew Speer, Manager Clint Hoelscher and Analyst Donovan Collins.
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.
Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.