JLL Capital Markets announced today that it has closed the sale of an active adult portfolio consisting of two newly built, age-restricted (55+) multi-housing properties totaling 360 units located in the Dallas-Fort Worth MSA in Texas.
JLL marketed the portfolio on behalf of the seller, Kompass Kapital Management, LLC. Capitol Seniors Housing acquired the portfolio.
The portfolio consists of The Orchards at Arlington Heights in Arlington and The Orchards at Market Plaza in Plano. The Orchards at Arlington Heights is located at 131 East Bardin Rd. and totals 256,611 square feet. The property consists of 180 units and offers one- and two-bedroom floorplan options. The Orchards at Market Plaza is located at 3640 Mapleshade Rd. and totals 257,102 square feet. The property consists of 180 units with one- and two-bedroom options.
The communities offer numerous amenities available to all residents including a clubhouse, swimming pool and lounge area with community fire pit, movie theater, game room, salon, fitness center, complimentary WiFi, gift-wrapping station and activity room. Located in the Dallas-Fort Worth Metroplex, Arlington Heights and Market Plaza are minutes away from regional malls, entertainment, medical facilities, and major transportation corridors.
The JLL Capital Markets investment advisory team representing the seller included Managing Directors Cody Tremper and Mike Garbers.
According to JLL, active adult properties continue to be one of the most highly sought-after asset types in the marketplace today. Favorable demographic trends, low resident turnover, proven rent growth, all combined with a robust single-family housing market, have elevated absorption rates across the country. The JLL Seniors Housing team has been involved in the marketing in excess of $1.0 billion and has financed over $400 million in the Active Adult sector in the last 24 months alone.