100+-acre development site in Northwest Houston hits the market

 

Elizabeth Clampitt

HOUSTON, TX, Nov. 5, 2020 – JLL Land Advisory Services announced today that it has been selected by Sysco to market a 105.67-acre development site for sale along US 290 in an infill, high barriers-to-entry area of Houston, Texas.

 The site has 94.11 usable acres and is currently improved with a vacant 660,717-square-foot building built in 1979 and 1981.

Simmi Jaggi

With 1,550 feet of frontage along US 290, the property is along a main thoroughfare within Houston provides connectivity to the entire MSA.

 Dan Bellow

The property has four access points, two of which are off 290 and two off Jarvis Road, and is surrounded by retail, restaurant, fitness and hotel amenities and within walking distance to a Park & Ride pick-up and drop-off location.

 Due to a lack of available land on the east side of US 290, this site is positioned in a coveted area within the Northwest Corridor. 

Additionally, given it is within the city of Houston ETJ, the site isn’t restricted by zoning. 

 As other segments of the real estate business adjust to the current market challenges, the industrial sector has seen an increase in activity and is looking to capitalize on the e-commerce boom.

Louis Crapitto

With the available campus located on a major Houston artery, JLL predicts industrial mixed-use developers will have a solid interest in the tract.

 The JLL Land Advisory Services team representing the seller is being led by President of JLL – Houston Dan Bellow, Executive Vice Presidents Louis Crapitto and Simmi Jaggi, Senior Vice President Elizabeth Clampitt, Vice President Chris Bergmann and Account Managers Franco Rivero and Lance Collett.

 

For more news, videos and research resources on JLL, please visit our newsroom.

Chris Bergmann

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

 Lance Collett

Contact:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

Willow Ridge apartments purchased by Alfa TX Investment Group

Laura Sellingsloh

 HOUSTON, TX, Nov. 5, 2020 – JLL Capital Markets announced today that it has closed the sale and acquisition financing for the garden-style Willow Ridge apartments in Southwest Houston.

 JLL completed the sale for the seller, Sentinel Capital, to the buyer, Alfa TX Investment Group. JLL also worked on behalf of the buyer to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Joey Rippel

 The property was built in 1977, totals 188,220 square feet and has 262 one-, two- and three-bedroom apartments, averaging 93% occupancy over the last five years.

 All units offer private patios/balconies, breakfast bars, dishwashers and walk-in closets. 

 Since 2016, Sentinel Capital has contributed over $750,000 in upgrades to the property, including replacements to signage, entrance gates, fencing, landscaping, HVAC, plumbing, modernizing the clubhouse and pool areas.

  Alfa TX Investment Group plans to continue enhancements to the units and common areas.

 Located at 12800 Dunlap St., Willow Ridge is positioned between Sugar Land and the Texas Medical Center, which is the eighth-largest central business district in the United States, providing access to over 100,000 jobs within a five-mile radius.

 Willow Ridge also offers direct access to Highway 90 and a short ride to various retail and dining options.

 

Chris Young 

The JLL Capital Markets team representing the seller was led by Senior Director Joey Rippel, Senior Director Chris Young and Analyst Kyle Whitney. The debt team representing the borrower was led by Director Laura Sellingsloh. 

 “The competitive process for Willow Ridge demonstrated strong investor appetite for Houston multi-housing through the pandemic,” said Rippel. “Especially for workforce product where collections remained high.”

 Rippel continued, “Willow Ridge is a great strategic investment in the current environment. It is a clean and stable cash flow asset with original interiors that can be upgraded to increase NOI as the market improves.”

 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 advisory and disposition services with access to thousands of domestic and foreign investors.

 Kyle Whitney

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.

 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 sales 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.

 For more news, videos and research resources on JLL, please visit our newsroom.

 Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 CONTACT:

 Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 jll.com.