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JLL’s Capital Markets group has arranged a $1.1 billion joint venture for a 15-property, national apartment portfolio spanning six states. Acting on behalf of Sunroad Enterprises, JLL secured Fairfield as the portfolio’s capital partner through a targeted marketing process.
In addition to the joint venture, JLL secured $415 million in financing for 10 of the portfolio’s assets via Freddie Mac. An additional $250 million in capital was raised from accounts managed by global investment firm KKR.
The portfolio, which accounts for a portion of Sunroad’s national multifamily holdings, was assembled over a six-year period. It encompasses 3,830 units across six Class A properties and nine value-add properties currently undergoing renovations. The assets are located in Arizona (6), Nevada (1), Colorado (3), North Carolina (2), South Carolina (2), and Georgia (1).
“These assets are some of the most desirable from a location, positioning and improvement perspective,” said Dan Feldman, president of Sunroad Asset Management. “JLL conducted a strategic analysis of top-tier capital partners, and Fairfield, with their strong financial backing, made sense for us.”
The JLL advisory team was led by Senior Managing Directors Aldon Cole, Roberto Casas, and Tim Wright, with Vice President Bharat Madan. The Colton Apartments in Henderson, Nevada, were handled by Managing Director Mark Wintner.
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