Austin Firm Buys Energy Corridor Project, Market briefs

The Alexan Enclave apartments have been purchased by an Austin multifamily investment firm.

In Houston, F&B Capital has purchased Alexan Enclave, a 354-unit apartment project located in West Houston’s Energy Corridor.

JLL marketed the property on behalf of the seller, Trammell Crow Residential and Cigna Investment Management.

In F&b Capital, an Austin, based real estate investment firm, purchased the project free and clear of existing financing. Additionally, JLL worked on behalf of the new owner to place the purchase loan.

Alexan Enclave is located at 13411 Briar Forest Drive across from Parkway Village retail center.

Completed in 2014, the mid-rise, wrap-style multifamily property near The Enclave, an 878-acre office park.

Alexan Enclave consists of two four-story buildings and a six-story parking garage. Units average 909 sq ft.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Todd Marix and Chris Curry and Analyst Bailey Crowell.

“Alexan Enclave offers excellent long-term growth potential for new ownership,” Curry said. “The buyer was able to obtain a best-in-class, non-commodity asset below replacement cost in a strengthening Energy Corridor submarket, which currently has no new multi-housing units under construction.”

JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Cameron Cureton and Senior Managing Director Matt Kafka.

F&B Capital was founded in 2010 by Hank Farrell III and Jason Berkowitz. F&B Capital is a real estate investment firm specializing in multifamily acquisitions and redevelopments throughout Texas.