JLL Capital Markets completed the sale of Yellow Door Storage – Northgate, a 520-unit self-storage facility in the Greater Dallas Fort Worth-area community of Denton, Texas.

JLL marketed the property on behalf of the seller, NorthBridge Realty Holdings, and procured the buyer, Extra Space.

Completed in 2022, Yellow Door Storage – Northgate is a Class A facility featuring ground floor climate-controlled units, drive-up units, 24-hour video surveillance and an on-site office. The 65,600-square-foot property is currently 55.8% occupied.

Yellow Door Storage – Northgate is located at 3020 E Sherman Dr. in the rapidly growing community of Denton. The population within a one-mile radius of the facility has grown over 7.5% in the last two years and is projected to continue its upward trend, providing long-term stable demand for self-storage space. Denton is also home to the University of North Texas and Texas Woman’s University, which are additional demand drivers for the asset.

The JLL Capital Markets team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza and Directors Adam Roossien and Matthew Wheeler.

Searching for positive news in the commercial real estate industry? Take a look at investor demand for multi-tenant commercial properties.

Northmarq reported that investors sunk $53.9 billion in multi-tenant commercial properties during the fourth quarter of last year. That’s an increase of 36.8% from the third quarter and meant that in all of 2024 multi-tenant properties saw $166.9 billion worth of sales.

That final year-end tally beat 2023’s by 2.9%.

Of course, not all commercial sectors attracted as much attention from investors. Northmarq reported that the industrial sector accounted for $22.8 billion of investment sales in the fourth quarter, representing a quarterly jump of 31%.

In what many might consider a surprise, office transactions increased by more than 60% in the fourth quarter of last year when compared to the third, reaching $19 billion. That number is lower than what the office sector had seen during its strongest quarters, but it is the strongest performance for this struggling sector since the third quarter of 2022.

The retail sector saw $12 billion in investment sales volume in the fourth quarter. That quarter was its strongest performance in more than a year, according to Northmarq.

Northmarq reported that cap rates for multi-tenant investments rose modestly at the end of 2024, increasing by four basis points to an average of 7.05%. This, though, marks the highest average cap rate in more than a decade.

Private investors were active in 2024, with Northmarq reporting that they accounted for 55% of the buyer pool for multi-tenant commercial properties last year. Private investors were particularly busy in the retail sector, accounting for 63% of the assets traded in this sector.

Institutional buyers accounted for 22% of the overall investment sales market, focusing mostly on industrial multi-tenant properties. REITs, which favored office and retail properties, accounted for 11% of multi-tenant investment sales in 2024.

Buoyed by this good news, Northmarq predicted an even stronger 2025 for the multi-tenant market. Northmarq says that investors in this space should continue to favor industrial and e-commerce-related assets.

Dallas-based Younger Partners Investments sold three restaurant land parcels at the Midlothian Towne Crossing shopping center in Midlothian, Texas, in the Dallas-Fort Worth market.

YPI acquired the 99%-leased retail center in December 2023.

The parcels sold include Chili’s Bar & Grill at 2250 FM 663, McDonald’s at Hwy 287 and FM 664, and Chick-fil-A at 2010 FM 663. CBRE’s Jared Aubrey and Michael Austry represented YPI in the sale to undisclosed buyers.  The sale prices were not disclosed.

Midlothian Towne Crossing features 147,161 square feet of retail space on 34 acres at the southeast corner of the FM 633 and Highway 287 intersection in Midlothian, about 25 miles south of Dallas.

Built in 2019, Chili’s is located on a 1.69-acre pad site and has a 10-year lease. The restaurant features a dedicated curbside pick-up, ample parking and excellent ingress and egress along FM 663. The site pad that McDonald’s occupies also has a long-term lease. Built in 2022 on 1.07 acres, the corporate location includes a double drive-thru, abundant parking and excellent ingress/egress. Chick-fil-A was built in 2018 on a 1.73-acre pad site with a 20-year lease.  The quick-service restaurant has two drive-thru lanes with indoor seating and ample parking. Chick-fil-A is the third largest fast-food restaurant chain in the U.S.

The Class-A power center, anchored by Kroger, is comprised of several national brand tenants including Ross, Burkes Outlet, Petco, Ulta Beauty and Famous Footwear serving as junior anchors. Additionally, there is a complementary 65,656 SF of shop space offering a mix of retail, service and restaurant tenants.

“Midlothian Towne Crossing is anchored by the 13^th most visited Kroger in Texas, which shows the viability of the power center and these pad sites,” said Aubrey, senior vice president with CBRE’s Private Capital Investment group.

Midlothian Towne Crossing is surrounded by 9,938 planned or under-construction single-family homes and 513 planned or under-construction multifamily units within a five-mile radius of the property, according to Esri 2022.

JLL Capital Markets announced today that it has arranged the sale of Retreat at Mesa Hills, a 752-unit multi-housing community in El Paso, Texas.

JLL worked on behalf of the seller, JRK Property Holdings.

Retreat at Mesa Hills, located at 945 South Mesa Hills Dr., offers a prime location just off the I-10 in the sought-after Upper West Side of El Paso. Situated on an expansive site, the property provides convenient access to abundant retail and employment centers, including the Shoppes at Solana, Sunland Plaza, the University of Texas at El Paso, The Hospitals of Providence and the El Paso CBD.

El Paso, Texas is a diverse and growing city with a population of over 690,000 as of 2023, making it the 6th largest metropolitan area in Texas and the 23rd largest city in the U.S. The area boasts strong economic drivers, including the University of Texas at El Paso, Fort Bliss Army Base and robust international trade activity. Known for its strategic location on the U.S.-Mexico border, El Paso is a major hub for foreign trade, processing over $122 billion in annual trade volume and more than 30 million border crossings.

Retreat at Mesa Hills, completed in multiple phases since 1995, is a well-maintained Class-A asset featuring 752 units in a low-density, aesthetically pleasing two-story design. The community offers a mix of one-, two- and three-bedroom units ranging from 538 to 2,127 square feet. Residents enjoy resort-style amenities including three swimming pools with a relaxing tanning deck and private cabanas, a well-equipped fitness center, two illuminated tennis courts, two sand volleyball courts, a Starbucks WiFi café, a lavish clubroom, a game room and a state-of-the-art media theater, contributing to its strong occupancy.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Steven Hahn Jr., Senior Director Art Barnes, Senior Managing Director Roberto Casas and Vice President William Jennings.

The owners of multifamily properties have long relied on amenities to set their buildings apart from their competitors. But as monthly apartment rents continue to rise, renters today expect even more amenities in their common areas.

We interviewed Jonathan Treble, founder and chief executive officer of WithMe, Inc. about this trend. WithMe provides wireless printing and barista-quality coffee machines for multifamily properties and offices.

Here is some of what Treble had to say about the power of common-area amenities and how they can help multifamily owners keep their properties full.

What are some of the more innovative ways you’ve seen multifamily buildings use their common areas to help make thei properties more attractive to tenants?

Jonathan Treble: The best properties aren’t just checking the “amenity” box – they’re designing spaces that actually enhance how people live, work and connect.

One of the biggest shifts? Workspaces that actually work. With remote jobs now the norm, the smartest communities aren’t just setting up a few desks and chairs in an empty room and calling it a day. They’re curating true coworking experiences – soundproof booths for deep work, flexible seating for collaboration and seamless on-demand printing (because we all know the struggle). Some spaces even double as event spaces at night, giving residents more reasons to engage.

Jonathan Treble, Chief Executive Officer and Founder, WithMe, Inc.

Then there’s the outdoor experience. A lonely firepit and some scattered chairs won’t cut it anymore. Now, we’re seeing rooftop lounges that feel like boutique hotel terraces, outdoor kitchens built for actual cooking (not just a mediocre grill) and green spaces that bring nature into city living. The best properties turn outdoor areas into an extension of home – a space where people genuinely want to spend time.

But here’s the real game-changer – programming. A great space is nothing without great experiences. Communities that are winning are activating these spaces with curated events – chef-led cooking classes, yoga under the stars, movie nights, book clubs in cozy lounges. It’s not just about giving residents a place to gather – it’s about giving them a reason to. That’s how you build community. That’s how you turn an apartment into a home.

Multifamily living isn’t just about four walls and a roof. It’s about creating a place where people want to be.

How important are common spaces to renters? I’m sure renters focus first on their individual units, but do common-area amenities and spaces make a big difference when looking for a new place to rent?

It’s true that when people start their apartment search, they’re often focused on the unit itself – the layout, the finishes, maybe the view. That’s the first impression. But what I’ve seen over and over again is that it’s the common spaces that shape the actual living experience and, ultimately, impact whether someone chooses to sign a lease – or renew one.

A great apartment can attract interest, but what sets a community apart is how it feels beyond those four walls. People want to be part of something bigger than just their unit. Thoughtfully designed coworking lounges, inviting outdoor spaces or even something as simple as a well-stocked coffee bar can foster that sense of connection and make a place feel like home.

And in competitive markets, those details really matter. A renter might tour two or three places with similar floor plans and rent prices, but if one offers spaces and amenities that genuinely enhance their daily life – like a flexible work environment, a high-quality fitness center or vibrant communal areas – that’s often the deciding factor.

While renters may initially focus on their unit, the reality is that common spaces play a huge role in how people experience where they live. When they add value, make life easier or create opportunities for connection, that’s what turns a building into a true community. And that’s what keeps people around long-term.

How do shared spaces differ in urban vs. suburban locations?  Is there a difference in the amenities and spaces that suburban and urban properties tend to offer?

Absolutely. The way shared spaces are designed really depends on the lifestyle of the residents and the space constraints of the location.

In urban communities, where square footage is at a premium, efficiency is key. You see amenities that are compact but high-impact – coworking lounges, rooftop gardens and boutique-style fitness studios. Convenience also plays a huge role. Smart lockers, premium coffee stations and secure bike storage cater to city dwellers who are always on the move. Every square foot needs to work harder in an urban setting.

Suburban communities, on the other hand, have more room to play with – and that changes everything. You’ll often find larger, more family-friendly spaces like playgrounds, pet parks and expansive pools. There’s also a bigger emphasis on outdoor living – walking trails, barbecue areas and community gardens are common because residents value having more room to spread out and connect with family, friends and nature.

So while both urban and suburban properties focus on creating a sense of community, they do it in different ways. City properties lean into efficiency and convenience, while suburban communities take advantage of space to encourage relaxation and gathering. It all comes down to understanding what enhances the lifestyle of the people who live there.

How can the owners of older apartment properties that might not have as many shared spaces compete with newer properties that can offer amenities such as fitness centers, pools and package pick-up rooms?

Owners of older properties actually have a huge opportunity to stand out. It’s not always about having the biggest or newest amenities – it’s about meeting residents where they are and making thoughtful improvements that enhance their daily experience.

One of the best ways to do that is by repurposing underused spaces. A storage room or outdated lounge can be reimagined as a coworking space, while a flexible community room or a dedicated fitness corner with on-demand workouts can add even more value.

Even small, intentional upgrades – like adding high-speed Wi-Fi, installing smart locks or offering a community printer – can go a long way in showing residents that their needs are top of mind.

Beyond physical upgrades, experience matters. Hosting pop-up fitness classes, bringing in food trucks or creating resident appreciation events can build community without major capital investments.

At the end of the day, great property management is a competitive edge. When residents feel heard and supported, it builds loyalty that’s hard to shake – even when a flashier, newer property moves in down the street.

Older communities might not have all the bells and whistles, but with the right strategy, they can offer something just as valuable – a place that feels like home.

What are some of the most important common-area amenities that apartment owners can offer today?

The best common-area amenities are those that reflect modern priorities and improve daily life. It’s less about the flashiest features and more about understanding what residents really need and designing spaces that make their lives easier, better and more connected. 

Fitness centers are a great example. A decade ago, they were a luxury. Now, they’re an expectation. But it’s not just about throwing in some treadmills. The best communities are thinking beyond that with functional training areas, yoga spaces and even virtual fitness classes.

Convenience is huge, too. App-controlled package lockers, self-serve printing stations and smart home tech aren’t just perks – they’re problem solvers. These features save time, reduce hassle and make everyday tasks smoother. And that’s what renters really value.

Social spaces still matter. A great coffee lounge, a well-designed outdoor space or a cozy clubhouse can completely change how people interact in a building. People want a sense of community, whether it’s through casual conversations or organized events. The right common areas make that happen naturally.

For environmentally conscious renters, sustainability-focused amenities like EV charging stations, recycling programs and energy-efficient lighting are also becoming key differentiators.

At the heart of it, the best amenities are the ones that improve residents’ daily lives while demonstrating that the property is forward-thinking and in tune with what matters to them.