JLL Capital Markets led the financing efforts for Monticello Apartments, a 116-unit property in the Intown Fort Worth / University submarket of Fort Worth, Texas
News release
11 June 2024
Freddie Mac financing lined up for Fort Worth multi-housing community
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DALLAS, June 11, 2024 – JLL Capital Markets announced today that it arranged acquisition financing for Monticello Apartments, a newly renovated, 1970-vintage, 116-unit, multi-housing 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 OptigoSM lender.
Monticello Apartments is located at 154 North 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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. 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 WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Price Realty
Price Realty Corporation is a trusted multifamily investment and management company focusing on investment opportunities in the four core Texas markets (Dallas/Fort Worth, Houston, Austin, and San Antonio). Founded in 1991, Price Realty Corporation currently owns and manages approximately 6,000 units across 20 properties, with total assets under management valued in excess of $800 million. Price Realty’s senior investment and management team has extensive experience in acquisitions, market evaluation, property management, repositioning, and value-add construction.