JLL Capital Markets arranged acquisition financing for Monticello Apartments, a newly renovated, 1970-vintage, 116-unit, multifamily community in Fort Worth, Texas.

JLL worked on behalf of the borrower, Price Realty, to secure the five-year, fixed-rate financing through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Monticello Apartments is located at 154 N. Bailey Ave. just off of State Highway 199 in the Intown Fort Worth / University submarket. The property has outstanding access to several major thoroughfares, including Interstates 30 and 35, and is close to some of Fort Worth’s largest employers, including Lockheed Martin and Fort Worth ISD. Additionally, Monticello Apartments is surrounded by a collection of lifestyle amenities, including Montgomery Plaza, The River District, Fort Worth Convention Center, Sundance Square and The Dickies Arena.

The property consists of 22 two-story apartment buildings with 56 one-bedroom and 60 two-bedroom units, averaging 952 square feet each. Units feature walk-in closets, patios or balconies, washer/dyers, stainless steel appliances and air conditioning. Monticello Apartments also offers on-site amenities, including a swimming pool, laundry facility, covered parking and on-site management and maintenance.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee, Director Bo Beidleman, Associate Blake Morrison and Analyst Aaron Craig.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Houston-based multifamily developer Vero Sade unveiled a multimillion-dollar makeover of 3700M, a 381-unit luxury high-rise at 3700 McKinney Ave. in Dallas. Vero Sade simultaneously debuted its club living concept in Dallas.

Originally built in 2014, the 21-story trophy asset located in the highly sought-after Uptown submarket now brings the energy and life of a social club into the multifamily space with high-design and memorable, high-frequency programming, ranging from chef demonstrations and themed fitness classes to poolside pampering and guest lectures.

Helming the project’s design rebirth was East Coast design shop, Good City Studio, whose practice includes a mix of high-profile multifamily properties, private clubs, health and wellness offerings and hotels, including Colorado’s Snowmass Club, Equinox Hotels and Philadelphia’s acclaimed Fitler Club – a project from Vero Sade’s parent company, Vero Capital. Inspired by the intersection of home and hospitality, the re-envisioning of 3700M was intended to foster social connections, and as such, Vero Sade and Good City Studio completely upended the existing layout, turning lackluster spaces into meaningful places.

Rooted in elegance with a spirit of eclecticism, the project features crisp modern lines, plus colors, textures and patterns rooted in nature. Adding a bold counterpoint is the artistry of contemporary Italian furniture sourced from CASA, a Vero Sade company and one of the country’s premier showrooms. Every selection has special intention for the designer and client – from the books that dot the tables and shelves to the forthcoming art gallery, which will debut with several pieces from the private collection of Kelvin Beachum, alumnus of Southern Methodist University, offensive tackle for the Arizona Cardinals and investor in Vero Sade.

The heart of 3700M is the seventh floor, 6,700-square-foot amenity level with postcard views of the surrounding city. A hub of activity and activation, it now encompasses premier indoor and outdoor elements including an array of welcoming lounge and seating areas, rooftop pool with cabanas and summer kitchens, yoga studio, expansive 24/7 fitness center outfitted to premium club standards with Technogym equipment, plus a wellness terrace for additional programming. Further buoying the hospitality orientation of the property, Vero Sade has an all-day café concept with a menu of morning must haves, including coffee and pastries, as well as lunch and midday grab-and-go items. Craft beer and cocktail service is anticipated to launch this month.

The building’s previously underutilized ground floor lobby has been transformed into a two-story, 6,000-square-foot multipurpose venue geared to both residents and the general public. The chic duplex serves as a unique event space as well as creative coworking space with private offices for rent.

Also completely revamped, the building’s residences take apartment living to new heights with studio, one- and two-bedroom homes spanning 562 to 1,475 square feet and featuring graciously proportioned open-concept living spaces, as well as oak flooring and floor-to-ceiling windows throughout. Chef-inspired kitchens showcase built-in pantries, light wood cabinetry, quartz countertops and upgraded stainless steel appliances. Additional highlights include spa-like baths and walk-in closets. Select units offer balconies or patios.

A percentage of units have been allocated for short-term rentals and have been fully outfitted in high style for discerning travelers and locals seeking furnished accommodations for a minimum of one week. Short term visitors enjoy full access to building amenities, as well as programming, creating a resort like experience for business or leisure stays.

3700M is a pet-friendly property with a newly unveiled dog run. It also features EV charging stations, part of a portfolio-wide partnership with Xeal.

SRS Real Estate Partners completed the $9.11 million sale of a newly developed 6,461-square-foot convenience store property occupied by TXB in the Austin, Texas, region.

Situated on 4.52 acres of land at 145 Lehman Road in Kyle, Texas, the property has a 20-year, corporate-guaranteed triple net lease in place. TXB, or Texas Born, is a family of customer-oriented convenience stores and quick food operations with more than 48 locations in Texas and Oklahoma.

SRS Capital Markets Executive Vice President and Managing Principal Patrick Nutt and Senior Vice President William Wamble who are based in Florida represented the seller, a Southeastern U.S.-based private developer. The buyer was a Virginia-based 1031 exchange buyer.

TXB was named by CStore Decisions as the winner of its 2023 Convenience Store Chain of the Year. The property is situated on a signalized intersection in a dense retail corridor and is near the Interstate 35 on/off ramp.

Year to date, SRS Capital Markets has completed approximately $731 million in deal volume comprised of 182 transactions in 34 states. SRS currently has in excess of 698 properties actively on the market with a market value surpassing $3.7 billion.

PartnersReal Estate arranged the sale of a 19,279-square-foot multi-tenant medical/retail property at 9707 Anderson Mill Road in Austin, Texas.

Partners’ Ryan McCullough and Sean Anderson represented the seller, Scott M. Morledge and Bruce A. Wencel, in the transaction. The buyers, Abhishek Mathur and William George of Excelsior Capital, represented themselves.

The team procured multiple offers and secured favorable seller-financing terms to help the property owner preserve sale value amidst difficult market conditions. The buyer was a national medical/retail investment fund in a 1031 exchange.

Renters looking for more space are in luck: A new report says that the average size of new apartment units in 2023 increased substantially when compared to a year earlier.

According to RentCafe’s latest apartment-size report, released in early June, the average size of a new apartment in the United States stood at 916 square feet in 2023. This is largely because developers added a greater number of two- and three-bedroom apartment units last year.

That number is a big increase from 2022, when the average size of a new apartment in the United States was only 889 square feet, largely because of the higher number of studio and one-bedroom apartments that developers added to the nation’s multifamily stock.

Where renters live, though, helps determine how large their apartment unit is likely to be.

RentCafe found that the average size of new apartments stood at 1,173 square feet in Gainesville, Florida, in 2023, tops in the nation.

The first Midwest market on RentCafe’s list was Knoxville, Tennessee, which boasted an average new apartment size of 1,057 square feet. That is 18.1% bigger than in 2013. Knoxville’s average new apartment size ranked fourth in the country last year.

Coming in at 10th place on RentCafe’s list was Louisville, Kentucky, with an average new apartment size of 1,017 square feet, 15% larger than 10 years ago. Overland Park, Kansas, ranked 17th, with an average new apartment size of 985 square feet, the only other Midwest market in the top 20.

In Minneapolis, the average size of new apartments stood at 780 square feet in 2023, while the average size of all apartmnts was 713 square feet. Those numbers stood at 865 square feet and 827 square feet in Madison, Wisconsin, and 835 square feet and 788 square feet in Milwaukee.

And in Chicago? The average new apartment in 2023 boasted 801 square feet, while the average size of all apartments was a more snug 704 square feet.