ROUND ROCK, TX-NorthMarq, working on behalf of a Canadian partnership, supplied secured to the tune of $52.3 million for the acquisition of Monterone at Round Rock Apartments. With help from the sub-4% loan, buyer Dedicated O'Connor RR LP succeeded in purchasing the 583-unit, class A multifamily property from a TIC operating under the names of Amaravathi LP and Amaravathi Keerthi LLC.
The multifamily property is located at 7711 O'Connor Dr. in Round Rock, due north of Austin. Patton Jones with Apartment Realty Advisors represented the seller in the transaction, and NorthMarq's Dallas and Tampa offices teamed to secure the financing with a correspondent life company lender. The interest rate is fixed for 10-years with two years interest-only, followed by a 30-year amortization.
Furthermore, according to Alison Williams, vice president with NorthMarq's Tampa office, the life company was willing to hold the spread for 60 days, from initial quote to rate lock-in, despite interest rate volatility. Williams and Stephen Whitehead, senior vice president of NorthMarq's Dallas office, arranged the financing.
“This project was distinctive in that almost all of the units were built as townhomes with direct access garages and very unique in that it had a full service spa with indoor pool on the property. It has a residential and resort feeling in a great location in Round Rock,” Whitehead says. “The investor was pleased to be able to purchase the property at less than replacement cost which is a rarity in Austin these days."
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