JLL arranges sale, financing of Dallas-area apartments

The Palace, a 280-unit, garden-style apartment community, 1601 Regency Court, Arlington, TX

DALLAS, TX – JLL announced  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. 

Cathy Finn

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.

Mike Phillips

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. 

 Deverick Jordan

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.

Art Barnes 

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. 

David Godvin 

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.

  

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.

About MBP Capital, Inc.:

MBP Capital, Inc. (“MBP”) was founded by Mike Phillips and Cathy Finn (collectively, the “Key Principals”) in 2006 to focus on the acquisition and investment management of multifamily residential properties, located predominantly in Texas and Colorado. 

Jorg Mast

The Key Principals of MBP have been involved in over 250 successful brokerage transactions, the ownership of over 5,000 multifamily units and the management of over 30,000 Class A, B and C multifamily units in Colorado and Texas.

MBP is a private multifamily investment manager with strong experience and presence in major metropolitan markets in Texas and Colorado. 

MBP is a vertically integrated real estate investment firm, with a property management subsidiary that provides management services to MBP properties totaling approximately 3,000 units across Dallas-Fort Worth and San Antonio. 

Contact:

 Olivia Hennessey

 JLL Public Relations Specialist 

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

ravenMF.com

jll.com.

https://www.mbpcapital.com/