JLL Arranges Sale of 342-Unit Class A Multifamily Community Forty649 North Hills in El Paso
DALLAS — JLL announced March 4, 2026, that it has arranged the sale of Forty649 North Hills, a 342-unit Class A multifamily community located at 4649 Loma Del Sur Dr. in northeast El Paso, Texas. JLL represented the seller, Hamilton Point Investments, in the transaction. Financial terms of the transaction were not disclosed.
Property Overview: Class A Multifamily Asset in Northeast El Paso
Forty649 North Hills sits on 17.74 acres adjacent to the Franklin Mountains in the northeast El Paso submarket. Built in 2009, the property comprises 42 two-story buildings totaling 306,822 square feet of rentable space. The community offers a mix of one-, two-, and three-bedroom units with an average unit size of 897 square feet.
Amenities at the multifamily property include a resort-style swimming pool, 24-hour fitness center, clubhouse, dog park, detached garages, and covered parking. The property provides residents convenient access to Fort Bliss, El Paso International Airport, Interstate 10, US-54, the University of Texas at El Paso, and the North Hills Crossing Shopping Center.
At the time of the sale, Forty649 North Hills was 93.3% occupied. JLL noted the property offers upside potential through interior renovations and amenity upgrades, positioning the transaction as a value-add multifamily acquisition.
Northeast El Paso Submarket: Strong Occupancy and Limited New Supply
The northeast El Paso submarket encompasses approximately 8,260 multifamily units and has maintained a five-year average occupancy rate of 95.3%, with annual rent growth of 4.8%, according to JLL. The submarket has seen minimal new construction, with only four other properties built since 2005 within a three-mile radius of Forty649 North Hills, underscoring its supply-constrained character.
El Paso is the sixth-largest metropolitan area in Texas and the 23rd-largest city in the United States, with a population exceeding 690,000 as of 2023, according to the announcement. The city's economic base includes Fort Bliss Army Base, the University of Texas at El Paso, and significant cross-border trade activity. El Paso processes more than $122 billion in annual trade volume and records more than 30 million border crossings annually, according to JLL.
JLL Capital Markets Team and Transaction Details
The JLL Capital Markets Investment Sales and Advisory team representing Hamilton Point Investments was led by Managing Director Steven Hahn Jr., Senior Director Art Barnes, and Vice President William Jennings.
The buyer was not identified in the announcement. Sale price, cap rate, and financing details were not disclosed.
Transaction Context
The Forty649 North Hills transaction reflects continued interest in Sun Belt multifamily markets characterized by stable occupancy, limited new supply, and diverse economic anchors. El Paso's position as a major U.S.-Mexico border hub adds a trade-driven demand component supported by the economic drivers cited by JLL.
The value-add investment strategy identified by JLL — centered on interior renovations and amenity upgrades at a property built in 2009 and 93.3% occupied at the time of sale — is consistent with the submarket's constrained new supply pipeline, as described in the announcement.