JSQ Multifamily I Investments Continue to Exceed Expectations; 4 of 5 properties successfully SOLD
Jordan Creek & Sienna Plantation
Properties in the JSQ Mutifamily I series continue to exceed projections:
Watermark Barker Cypress (SOLD) is a ground up multifamily development located in Houston, Texas. Sale of the property closed closed in September 2015, and there is a $180,000 post closing escrow (master lease). Any remaining funds as of April 2016 will be returned to ownership.
Sienna Plantation (SOLD) leased up rapidly while offering no concessions. Sienna Plantation has also maintained higher occupancy than nearby comparable properties.
Watermark at Southlands (SOLD) is a Class A multifamily ground up development comprised of 30 buildings totaling 300 units. The property closed in February of 2016 for $78.0 million. The resulting equity exceeded original underwritten projections.
Watermark on Jordan Creek (on the market) is a Class A multifamily ground up development located in West Des Moines, Iowa. The leasing activity at the subject is in line with comparable properties in the West Des Moines submarket. Surface parking expansion and landscaping improvements at the property have been completed. A real estate manager has been selected to begin marketing the property in early April with a projected sale occurring mid-summer 2016.
JSQ Multifamily I Investment Overview