JLL Capital Markets announced that it has arranged $47.3 million in acquisition financing and secured the preferred equity for Lantower Alamo Heights, a 312-unit multi-housing community located in the Alamo Heights neighborhood of San Antonio, Texas.
JLL worked on behalf of Austin-based sponsor, Old Three Hundred Capital, to arrange its second transaction with Sound Mark Partners this year. Additionally, JLL secured a non-recourse, floating-rate acquisition loan through Prime Finance on behalf of the partnership. JLL
has now financed a total of approximately 1,800 units for Old Three Hundred Capital in the last 18 months.
Built in 2015, Lantower Alamo Heights totals 312 one-, two- and three-bedroom units. The property features 259,951 rentable square feet and was 93 percent occupied at acquisition. The highly amenitized, exclusive complex features a conference/meeting room, courtyard, dog park, pet wash station, elevator access, fire pit, fitness center, game room, outdoor living and grill area, parking garage, resort style pool and pet-friendly community.
Located at 327 W Sunset Rd., the apartments are situated in one of the top neighborhoods in San Antonio with its own independent, private school district and median home prices averaging $1 million. Close to the popular Pearl District and downtown San Antonio, the property offers residents plentiful access to greenspaces and excellent “A+ Rated” schools, upscale eateries and a high barrier to new construction, which make this an uncommon asset in San Antonio.
Lantower Alamo Heights offers Old Three Hundred Capital a unique opportunity to gain exposure to a top San Antonio submarket with limited supply and proximity to multiple strong economic drivers.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Marko Kazanjian, Managing Director Chris McColpin, Senior Managing Director Max Herzog and Associate Andrew Cohen out of the New York City and Austin offices.
“We couldn’t be more excited for the continued relationship we are growing with Old Three Hundred Capital. Having closed this acquisition with both Soundmark Partners and Prime marks our second transaction with both parties proving the successful business plans OTH is implementing for next generation living,” said Kazanjian.
“Alamo Heights represents the acquisition of another Class A property for our portfolio, and in one of the best school districts and highest income submarkets of San Antonio,” said OTH Capital Managing Partner William Gottfried. “San Antonio is growing and maturing into a major American city, and we will continue to acquire best-in-class assets in the city’s best neighborhoods. To be able to partner with both Sound Mark and Prime again made the acquisition process seamless. I extend our sincere thanks to Marko and the JLL team for another great transaction.”