$39.44M acquisition financing secured for unprecedented three-property student housing-to-multifamily conversion portfolio

NEW YORK, July 27, 2026 –  JLL Capital Markets announced today that it has secured a $39.44 million acquisition financing for the Eastman Portfolio, a three-property, 606-unit student housing conversion portfolio spanning Cheney, Washington; Troy, Alabama; and Radford, Virginia.

JLL represented the borrowers, Eastman Residential and Triangle Capital Group, in arranging a three-year, floating-rate loan.

The portfolio consists of Grove at Cheney (192 units), Arch at Troy (192 units) and CB at Radford (222 units). Each property was originally developed as off-campus student housing but has underperformed due to distance from their respective university campuses relative to competing student housing options. Eastman Residential's business plan involves converting these properties to traditional multifamily assets targeting non-student professionals, with a goal of achieving over 90 percent non-student occupancy through strategic renovations and rebranding.

JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Scott Aiese and Director Alex Staikos.

"What makes this financing particularly attractive is Eastman's track record in conversions combined with the quality of these properties and the robust market fundamentals in each location," said Aiese. "The principals of Eastman are applying a proven strategy at scale in three markets characterized by strong workforce housing demand and minimal new supply coming online."

Each property benefits from strategic location advantages beyond the student housing sector. Grove at Cheney serves professionals commuting to Spokane's employment centers in healthcare, education, manufacturing and government, capitalizing on rising housing costs driven by West Coast migration from Los Angeles, San Francisco and Seattle. 

Arch at Troy serves professionals working across Montgomery's government centers and Dothan's employment hubs, anchored locally by Lockheed Martin's manufacturing facility, which employs over 800 workers. 

CB at Radford serves the New River Valley's diverse employment base including healthcare employers Carilion Clinic and LewisGale Hospital Montgomery, manufacturing operations from Volvo Group and Hubbell Lighting, and technology firms attracted by Virginia Tech's research facilities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Founded in 1978, Eastman Companies is a full-service real estate development, construction and management company that owns, manages or has developed more than 8 million square feet of multifamily, commercial, retail and industrial properties across New Jersey and the New York City Tri-State area. Its multifamily investment and development platform, Eastman Residential, launched in 2020 and has acquired over 2,000 units in its student housing conversion vertical.

Triangle Capital Group is a private real estate investment firm, founded in 2009, that focuses on special situations in both equity and debt. The firm combines the infrastructure to acquire and operate real estate with a sophisticated understanding of real estate credit products. Since inception, Triangle has completed over $1 Billion of acquisitions and actively manages investments in all asset classes across 20+ states.