Austin, Texas-based non-public fairness agency Previous Three Hundred Capital has nabbed $27.1 million in acquisition debt from Prime Finance to purchase an house group in Austin, Industrial Observer has discovered.
The financing coated Previous Three Hundred’s buy of Cannon Oaks Flats, a 12-building, 230-unit advanced in Austin, with Denver-based asset administration agency ArrowMark Companions as a capital associate, per info from advisory agency JLL, which organized the financing. The mortgage closed in late September, as per info from Travis County property data.
JLL’s Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen sourced and organized the financing on behalf of Previous Three Hundred.
Previous Three Hundred companions William Gottfried, Paolo Boero and Nicholas Yarnall led the execution of the acquisition, and ArrowMark’s Rob Brown and Nathan Rillstone represented the agency in its involvement within the asset.
Gottfried mentioned in a press release that the property and it’s newly-renovated facilities “unbeatable greenbelt views and a extremely handy location made for a particularly enticing funding. As town and area proceed to develop, the property is positioned to carry out nicely, and it gives a naturally reasonably priced various to like-kind belongings within the submarket.”
In-built 2001, the property is located on 18 acres at 2302 East William Cannon Drive, simply south of Downtown Austin, and its belongings collectively span roughly 230,000 sq. ft. The location has a clubhouse, a pool and a health middle. Previous Three Hundred plans to function and handle the property, as per JLL.
“[The property] affords a dynamic work-live-play surroundings that has develop into more and more extra necessary for renters,” Previous Three Hundred’s Yarnall mentioned in a press release. “The unit make-up, together with a majority of three- and four-bedroom items, outside house, shut proximity to a few of Austin’s greatest greenspaces, glorious communal facilities and versatile commuting decisions make this a perfect rental possibility within the Austin space for each younger professionals and households on the lookout for more room, however at a greater worth level than single household choices within the space.”
The property options one-, two-, three- and four-bedroom flats that common 1,000 sq. ft and embrace in-unit washers and dryers and coated outside patios or balconies.
Month-to-month rents vary from simply over $1,000 for one-bedroom items to nearly $1,700 for four-bedroom residences, as per info from Flats.com.