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| Summer Brook Apartments, Longview, TX |
DALLAS, TX, May 6,
2020 – JLL Capital Markets announced today it has
closed the sale of Summer Brook, Summer Green I & II and Summer Lake, three
workforce multi-housing communities totaling 884 units in the East Texas
community of Longview.
JLL marketed the
properties on behalf of the seller, BSR Real Estate Investment Trust.
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| Summer Green Apartments I and II, Londgview, TX |
Monarch
Investment & Management Group purchased Summer Brook and Summer Green I
& II and Saxony Capital Management (“Saxony”) purchased Summer Lake.
JLL’s
debt placement team also worked on Saxony’s behalf to secure a floating-rate
loan for the acquisition of Summer Lake through Freddie Mac. The loan will be
serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Summer Brook is located at 2300 Bill Owens Parkway in
the desirable North Longview submarket near major retail amenities, including
Longview Mall and Longview Towne Crossing.
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| Summer Lake Apartments, Longview, TX |
The
12.25-acre property includes a mix of 208 one-, two- and three-bedroom units
averaging 855 square feet.
Summer Brook features a resort-style swimming pool,
grilling/picnic area, business center, 24-hour fitness center, reserved covered
parking and available private garages, and direct access to the adjacent Paul
G. Boorman Running Trail.
Summer Green I & II is situated on 19.11 acres at
110 E. Hawkins Parkway. The two-phase community features a mix of 164
one-bedroom and 260 two-bedroom units averaging 905 square feet.
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| Greg Toro |
Community
amenities include two resort-style swimming pools, a grilling/picnic area,
basketball court, 24-hour fitness center, clubhouse, children’s playground,
bark park with pet washing station, and a total of 720 parking
Summer Lake is located at 3100
McCann Road on a 12.6-acre site adjacent to Longview Mall and Loop 281. Units
include a mix of studio, one- and two-bedroom floor plans averaging 852 square
feet.
Summer
Lake features two resort-style pools, grilling area with pergolas, stocked
fishing lake, lighted sports court, clubhouse, dog park and reserved covered
parking.
The JLL Capital Markets team representing the seller included
Senior Director Greg Toro and Director Steven Hahn, Jr.
JLL’s Capital Markets debt placement team assisting Saxony
with acquisition financing for Summer Lake was led by Senior Managing Director Mark
Brandenburg and Associate Chad Russell.
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| Steven Hahn, Jr. |
For more news, videos and research resources on JLL, please visit
the firm’s U.S. media center Web page: U.S. newsroom.
About BSR Real Estate Investment Trust
BSR Real Estate Investment Trust is an internally managed,
unincorporated, open-ended real estate investment trust established pursuant to
a declaration of trust under the laws of the Province of Ontario.
The REIT owns
a portfolio of multifamily garden-style residential properties located in attractive
primary and secondary markets in the Sunbelt region of the United States.
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| Mark Brandenburg |
About Monarch Investment & Management Group:
Monarch Investment and Management Group ("Monarch")
specializes in the acquisition and management of income-producing real estate,
particularly multifamily apartment communities.
Through these real estate
investment vehicles, Monarch provides investors with the opportunity for
quarterly income as well as an excellent long-term return on investment.
Unlike investment brokers or REITs (Real Estate Investment
Trusts), Monarch remains part of the process all the way through conclusion.
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| Chad Russell |
Monarch is personally invested and highly committed to the success of the project at every phase.
It is this unique and
continuous involvement that separates Monarch from the competition and drives
superior returns for its investors.
About Saxony Capital Management, LLC:
Saxony Capital Management was formed in 2016 as a boutique real
estate investment and advisory firm based in Dallas, Texas.
Saxony specializes in acquiring real estate assets that provide opportunity for value enhancement through reposition, market displacement, capital improvements and asset management expertise. Since formation, Saxony has purchased more than 2,100 units.
Saxony specializes in acquiring real estate assets that provide opportunity for value enhancement through reposition, market displacement, capital improvements and asset management expertise. Since formation, Saxony has purchased more than 2,100 units.
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