“We are looking to make a series of investments in Texas,” Rhone says, adding that CJUF acquired the Hotel Icon in Houston earlier this year. “Texas has been so attractive for its job growth and low cost of living, which makes the fundamentals for multifamily even more compelling.”

Rhone says CJUF is focused on Austin, Dallas-Fort Worth, Houston and San Antonio. It is open to investing in multiple asset classes, but is more heavily weighted toward the apartment sector, he notes. “We’re opportunistic, which means we look for the best relative value, and right now multifamily works,” he explains, adding that the company acquires assets in infill locations.

The Dylan and Signature Ridge are both infill apartment properties. The Dylan, which was completed in 2009, was originally built as for-sale condos. The class A project consists of 90 apartment flats and 35 townhomes with granite countertops, oversized living units, air conditioned corridors, attached garages for the townhomes and a state-of-the-art fitness center within a gated community. The complex also offers a 24-hour fitness center and business center that overlooks the outdoor swimming pool.

Signature Ridge is situated on 27.47 acres at 3711 Medical Dr. Completed in 2001 and 2003, the class A property features a mix of one-, two- and three-bedroom units averaging 940 square feet each. Community amenities include a resort-style pool, spa and cabana, fitness center, clubhouse, business center and detached garages.

The CJUF/Venterra Realty JV obtained a fixed-rate loan through PPM Finance Inc. to acquire Signature Ridge. HFF arranged the loan for the JV. HFF Director Cortney Cole led the team.