Apex on Preston sold for $54M, $40.7M Acquisition Financing Arranged
CHICAGO, December 22, 2020 – JLL Capital Markets announced today that it has closed the $54 million sale and arranged $40.7 million in financing for the luxury garden-style Apex on Preston apartment property in Louisville, Kentucky.
JLL worked on behalf of the seller, a subsidiary of Waypoint Real Estate Investments, to complete the sale to the buyer, The Brookview Companies. 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.
Apex on Preston was part of Waypoint Real Estate Investments’ greater multi-housing portfolio currently consisting of 58 properties and totaling 12,682 units in the Sunbelt region across the country with a focus on the Sunbelt region.
The apartments were built in 2015, sit on 14.8 acres, total 304,712 rentable square feet and consist of 312 one-, two- and three-bedroom floorplan options. Unit amenities include front loading washers and dryers, granite countertops, oversize garden tubs, high ceilings and patios/balconies. Community amenities include a car washing area, business center, courtyard, clubroom with TVs and fireplaces, outdoor lounge with grilling areas, resort-style swimming pool and a state-of-the-art fitness center.
Located at 11602 Apex View Dr., Apex on Preston is positioned in one of South Central Louisville’s strongest performing submarkets. The property is proximate to various amenities and has immediate access to Preston Highway and Interstates 265 and 65, offering connectivity to Downtown Louisville and the Louisville International Airport. Additionally, the local economy is anchored by the area’s burgeoning healthcare, manufacturing, logistics and professional services industries, and is plentiful in its various retail and lifestyle drivers such as the Preston Highway Retail Corridor.
The JLL Capital Markets team representing the seller was led by Executive Managing Director Matthew Lawton, Senior Managing Director Marty O’Connell and Senior Director Wick Kirby. Financing was led by Director Dan Kearns.
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. 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.
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 in 2019, 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, visit jll.com.
About Waypoint Real Estate Investments
Waypoint is a vertically integrated real estate investment firm specializing in rental housing. With four offices nationwide, the company acquires and develops multifamily rental properties throughout the United States with a focus on the Sunbelt region. Founded in 2011, Waypoint’s total real estate investment activity exceeds $4 billion across more than 28,000 units.
About The Brookview Companies
The Brookview Companies concentrate on purchasing luxury, Class A multifamily residential properties in emerging real estate markets throughout the United States. The principals of Brookview have over 30 years’ experience in analyzing and identifying desirable properties in secondary MSAs, where the potential rates of return may be greater than those generated by similar properties in the traditional, major real estate markets. Over the past five years, Brookview has acquired and/or developed over 2,200 apartments across the United States, in transactions totaling over $250 million dollars.
Link to published article: https://www.us.jll.com/en/newsroom/jll-arranges-sale-and-acquisition-financing-for-apex-on-preston-