Sold: Class A Apartment Development North of Houston
A California investor has acquired The Loop Apartments in Conroe. Photo: JLL
HOUSTON — (Realty News Report) — Lakebridge Loop LLC has purchased The Loop Apartments, a 188-unit Class A apartment community in Conroe, located north of Houston.
The seller, Apartment Advisors, Inc., was represented by a JLL Capital Markets team led by Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney.
JLL also assisted the buyer in securing a fixed-rate Fannie Mae acquisition loan. The financing will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Conroe sits roughly 40 miles north of Houston and has experienced notable residential growth, including new developments such as The Woodlands Hills master-planned community by The Howard Hughes Corporation.
The Loop Apartments, at 3400 Loop 336 near Interstate 45, was completed in 2017. The property comprises eight three-story buildings offering a mix of one-, two- and three-bedroom floor plans averaging 909 square feet.
JLL’s Capital Markets debt placement team representing the buyer was led by Tim Leonhard, Mary Davis and Eric Hightower.
