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With an average unit size of 882 square feet, Park at Rialto apartments is situated on 9.3 acres and is National Green Building Standard certified.
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| Gary Williams |
JLL worked on behalf of Covenant Capital Group, to secure the
seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by
JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction.
Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction.
Park at Rialto was constructed in 2018 and offers an urban
lifestyle due to its proximity to major employment hubs, retail, entertainment
and recreational amenities.
The community, with an average unit size of 882
square feet, is situated on 9.3 acres and is National Green Building Standard
certified.
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| CW Sheehan |
“The central Texas markets like San Antonio and Austin are very
attractive investment markets right now, and we are seeing growing demand for not
only new apartments but investors willing to invest in this growth,” says Gary
Williams, CFO of GenCap Partners, Inc. “That is why we have three new
starts in these growing suburban areas.”
The JLL Capital Markets team that led the financing efforts on
behalf of the borrower was led by Senior Director CW Sheehan and
Analysts Alastair Barnes and Scott Dickey. The JLL Capital
Markets team representing the seller was led by Senior Managing Director Sean
Sorrell.
“Park at Rialto is a great acquisition for Covenant Capital Group,
as they expand their portfolio in Texas,” Sheehan added. “The property offers
excellent access to major employers and will benefit from the continued growth
between Boerne and San Antonio.”
JLL delivers multi-housing investors a full range of solutions
through one diverse, integrated platform.
The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors.
JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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| Alastair Barnes |
The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors.
JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, 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.
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| Scott Dickey |
About The GenCap Group
The GenCap
Group is an independent real estate investment advisor and
operator based in Dallas, Texas.
The firm was founded in 1997 and provides investment advice and real estate investment products to pension funds, endowments, and private investors throughout Europe, Asia and the United States.
GenCap Partners, Inc., the real estate development and services
arm of The GenCap Group, provides asset management, development, operations and
related services to its investment partners.
The firm was founded in 1997 and provides investment advice and real estate investment products to pension funds, endowments, and private investors throughout Europe, Asia and the United States.
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| Add caption |
About Covenant Capital Group
Covenant
Capital Group is a value-add investment manager with an
exclusive focus on the acquisition and renovation of apartment communities in
major southeastern and mid-Atlantic markets.
Covenant focuses on revitalizing properties into premier, institutional quality assets.
Through its process, it sustains valuable housing inventory in high-growth areas to positively impact communities. Covenant controls over 10,250 apartment units with over $1.2 billion of market value.
Covenant focuses on revitalizing properties into premier, institutional quality assets.
Through its process, it sustains valuable housing inventory in high-growth areas to positively impact communities. Covenant controls over 10,250 apartment units with over $1.2 billion of market value.
CONTACT:
Kimberly Steele
kimberly.steele@am.jll.com
kimberly.steele@am.jll.com
