Class A Apartment Project North of Houston: Sold

A California investor has purchased The Loop Apartments in Conroe. Photo:JLL

In Houston, Lakebridge Loop LLC has purchased The Loop Apartments, a 188-unit, Class A apartment project in Conroe, north of Houston.

The seller, Apartment Advisors, Inc. was represented by a JLL Capital Markets led by led by Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney.

In addition, JLL worked on the buyer’s behalf to arrange a fixed-rate Fannie Mae purchase loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Conroe is located about 40 miles north of Houston and there is considerable residential growth in the area, including new The Woodlands Hills large-scale planned community developed by the Howard Hughes Corp.

The Loop Apartments is located at 3400 Loop 336 near Interstate 45. Completed in 2017, the property consists of eight three-story apartment buildings that house a mix of one-, two- and three-bedroom floor plans averaging 909 SF.

JLL’s Capital Markets debt placement team representing the new owner was led by Tim Leonhard, Mary Davis and Eric Hightower.