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JLL Secures $9.8 Million for Austin Group to Buy Houston Project

HOUSTON – PPA Group, an Austin-based multifamily investment firm, has acquired its first apartment project in Houston and it is seeking more multifamily opportunities in the Bayou City.

The 252-unit Cypress Ridge project, 2331 Bammelwood in north Houston, was purchased from CrestMarc of Dallas.

JLL’s Capital Markets secured $9.8 million in acquisition financing for the buyer –  with an interest rate of 4.05 percent on the seven-year loan through its Fannie Mae DUS  lending program. Executive Vice President Mark Brandenburg and Vice President CW Sheehan led the JLL team on the transaction.

“We like the diversity of the economy in Houston and think it is a great time to invest there,” says PPA Group’s John Latham. “It’s an under-appreciated market. Lots of national investors are shying away from Houston because of the downturn in the oil industry which creates a great opportunity for us.”

PPA is a privately held company that seeks value-add opportunities, primarily located in metropolitan areas, with an emphasis on Texas.  Monte Lee-Wen, the President and CEO, founded PPA in 2004.

Nov. 8, 2016 Realty News Report Copyright 2016

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