JLL Capital Markets announced that it has arranged the sale and financing of the Infinity Residences at The Triangle, an apartment community consisting of 529 units in North Central Austin, Texas.
JLL completed the sale from the seller, Dinerstein Companies, to the buyer, Castle Lanterra Properties. JLL also worked on behalf of Castle Lanterra Properties to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠lender.
In 2017, HFF, now part of JLL, sold the property to Dinerstein Companies, which consisted of 80,000 square feet of retail below the apartments with a ground lease on the property. Between 2006 and 2008, a three-phase project was conducted to revamp some units and increase the square footage of the retail space to 110,000. The retail space is owned separately and not part of this sale.
Recent unit upgrades to the apartment community, also referred to as “The Triangle”, include stainless steel appliances, Nest thermostats and other smart technology, updated and modern fixtures and restaurant-style undermount sinks. The Triangle, which is positioned on 23.15 acres, consists of six buildings totaling 553,648 square feet offering studio, one-, two- and three-bedroom units averaging 1,043 square feet.
“We are very excited to begin the next chapter of this truly superb residential community located in one of the most dynamic cities in the country,” noted Elie Rieder, Founder and CEO of Castle Lanterra Properties. “In addition to our hands-on management and continued investment in the property, Triangle is well positioned to benefit from the numerous job producing sectors surrounding the property including, the University of Texas, Dell Medical School, the U.S. Army Futures Command, Texas Health and Human Services Commission’s new headquarters (expected to employ 2,500 people), as well as the biggest names in the technology industry.”
Austin has been ranked #2 for Best Job Market by Forbes and was ranked #1 Market for Real Estate Investment in 2020 by Emerging Trends in Real Estate and has had a recent surge in young professionals moving to the area due to this booming market. The apartments are positioned in a submarket with properties experiencing a 7.69 percent growth in renters over the past several years and a thriving local Austin economy.
JLL’s Capital Markets team representing the seller was led by Senior Managing Director Sean Sorrell and Director Ryan McBride. Managing Director Robert Wooten led debt coordination of the deal.
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.