Sunroad, Fairfield Capitalize $1.1B Apartment Portfolio Across Six States
JLL’s Capital Markets group arranged a $1.1-billion, 15-property, national apartment portfolio venture across six states. The group worked on behalf of Sunroad Enterprises to capitalize the portfolio with Fairfield, which was awarded the portfolio through a targeted marketing process.
Additionally, JLL arranged $415 million in financing for 10 assets with Freddie Mac. Another $250 million was secured from accounts managed by KKR.
The portfolio, representing a portion of Sunroad’s overall holdings, was assembled over six years. It totals 3,830 units and includes six Class A properties and nine value-add assets undergoing renovations. The portfolio includes six properties in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia.
“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 and VP Bharat Madan. Colton Apartments in Henderson, NV, was handled by managing director Mark Wintner.
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Remax Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout