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JLL Closes on Sale, Financing of Missouri Student Housing
JLL closed the $17.7-million sale and $12.95-million acquisition financing of a three-property student housing portfolio totaling 294 beds and located steps from Missouri State University in Springfield, MO.
The firm marketed the portfolio on behalf of the seller, a joint venture between Miller Commerce and O’Reilly Development Company, LLC. JLL worked on behalf of the undisclosed buyer to secure three fixed-rate Fannie Mae acquisition loans.
The three properties in the portfolio are Deep Elm, a 39-unit/116-bed property; The Jefferson, a 30-unit/86-bed property; and The Q’ube, a 29-unit/92-bed property. The portfolio is 98% occupied overall and features an average distance to campus of 0.1 miles.
The JLL Capital Markets investment advisory team representing the seller included directors Scott Clifton and Stewart Hayes, and senior managing director Danny Kaufman.
JLL’s Capital Markets debt placement representing the new owner was led by managing director Matthew Schoenfeldt and director Daniel Kearns.
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