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Residences 2727 Has Updates in its Future
Extensive updates are in the works for the newly acquired Residences 2727 multifamily community. The 171-unit property totals 156,337 square feet and sits on 3.76 acres in the Westchase submarket of Houston. The unit mix includes one- and two-bedroom floorplans averaging 917 square feet.
The borrower, REEP Equity, plans to make improvements to the building’s exterior, community amenities and unit interiors. REEP will specifically build out a business center; update the spa, pool and courtyard area; add new fitness equipment; modernize the resident lounge; install a new pet park and improve signage visibility.
Located at 2727 Elmside Dr., the apartments are near Beltway 8 and Westheimer with access to the Uptown, CityCentre, downtown Houston areas and a variety of employment opportunities.
JLL worked on behalf of the borrower, REEP Equity, to secure the five-year fixed-rate acquisition loan through the lender, NexBank. The JLL team was led by Mark Brandenburg, CW Sheehan and Cort Martin.
- ◦Sale/Acquisition
