AUSTIN–The 330-unit multifamily property, The Cottages, has traded hands for $39 million. NorthMarq Capital arranged $25.3 million in acquisition financing for the buyer, a Midwest-based LLC.
“The buyer has done several transactions in the major Texas markets over the past several years including a couple in the Austin metropolitan statistical area,” Jeff Frankel of NorthMarq, tells GlobeSt.com. “This was an institutionally-built, well-maintained, stabilized asset that fits in their typical target zone for acquisitions.”
The transaction was structured with a five-year term and 29-year amortization schedule, after 30 months of interest-only payments. The lender, a major life company, and the buyer have completed 20 deals together.
“All transactions have been for stabilized, institutional quality multi-family deals of 200 plus units in markets that show strong, current economic growth and at less than replacement cost,” Frankel says.
The new owner has no plans in place for major improvements of renovations.
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