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PFLUGERVILLE, TX—In a transaction described as a win-win for both the developer and buyer, a multifamily asset, Emerson Apartments, located at 1221 New Meister Ln., was sold pre-stabilized upon completion to a private buyer at an undisclosed sales price. Kevin Dufour, managing director of FourPoint Multifamily Investments, led the sales efforts with the assistance of FourPoint co-founders Chris Epp and Chris Bancroft, as the team represented the seller and procured the buyer.
“This was a unique transaction, in which the confidential buyer put the property under contract during construction, while only being approximately 20% leased,” Dufour tells GlobeSt.com. “The transaction closed shortly after final certificate of occupancy was issued and was financed with a pre-stabilized bridge loan.”
The 384-unit property features amenities including gourmet kitchens with granite countertops, full-sized stainless steel appliances, 9-foot and 12-foot vaulted ceilings (in second-floor homes), and spacious floorplans. Other amenities include 42-inch upgraded cabinets with tile backsplash, large windows, ceiling fans, bathrooms with oversized tubs, full-sized washer and dryer connections, walk-in closets, direct access garages in select homes, and private-ground floor entry, GlobeSt.com learns. Community amenities include a pool, fitness center, putting green and gourmet coffee bar.
Pflugerville has been on a list of fastest-growing US cities in the past, just shy of the top 10 two years ago.
FourPoint focuses on the Texas market and specializes in asset valuation, capital markets execution, market research and debt/equity placement (including joint venture, mezzanine and development).
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
