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Texas  + Apartments  |  May 12, 2021
Lisa Brown
By: Lisa Brown

Private Equity Firm Acquires Bungalows at North Hills

KeyBank Real Estate Capital recently secured $30 million of fixed-rate Freddie Mac financing for a real estate private equity investment firm based in New England to acquire multifamily property Bungalows at North Hills in El Paso. The property will be rebranded as Forty649 North Hills Apartment.

Built in 2009, the 342-unit garden-style apartment complex that consists of 42 two-story apartment buildings on 18 acres. Units are available in studio, one-, two, three- and four-bedrooms floorplans.

The loan is structured with a five-year term, and subsequent to a one-year interest-only period, amortized on a 30-year schedule. Caleb Marten of KeyBank Real Estate Capital’s commercial mortgage group and Chris Neil of KeyBank’s institutional real estate group structured the financing.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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