JLL Capital Markets announced it arranged a total of $61.4 million in acquisition financing for Muir Lake Apartments, a multihousing property located in Cedar Park, near Austin, Texas.
JLL worked on behalf of the borrower, Old Three Hundred Capital (“OTH”), to secure the $61.4 million acquisition financing through Walton Street. JLL also secured an undisclosed amount of equity through Arrowmark Commercial Real Estate Partners.
“We could not be more excited to acquire what we believe is Austin’s most unique multi-housing property,” said OTH Co-Managing Partner Nicholas Yarnall. “The lakefront location, incomparable amenity set, and unique Spanish Coastal Architecture position this asset to stand out from the crowd once we complete our interior value-add program. We see significant opportunity to capture appreciation, given the amenity set and proximity to major economic drivers in the city, with the Domain, new major employment campuses and more, just minutes away.”
Built in 2014, Muir Lake Apartments totals 332 one- and two-bedroom units. The property sits on 46.1 acres and is 96 percent leased. The highly-amenitized complex features exclusive Muir Lake canoeing, kayaking and boating access, a swimming pool with sundeck, grills and a fireplace lounge, fitness center, yoga room, indoor spa, steam room, sauna, fully fenced dog park, and business center.
Located at 12600 Avery Ranch Blvd., the apartments are situated along a 30-acre lake with over 2,000 feet of greenery and lakeside frontage. Cedar Park has experienced a 45 percent population increase since 2010 due to its proximity to downtown Austin and other major economic and social drivers.
The property is also within a five-minute drive from over 3 million square feet of shopping and is positioned just 10 minutes from The Domain, Austin’s “Second Downtown.”
“This acquisition reinforces our belief in the future of North Austin and the surrounding suburbs,” adds OTH Co-Managing Partner William Gottfried. “Muir Lake presented a rare opportunity to acquire a Class A value-add asset in the fastest growing area of one of the fastest growing cities in the country. This deal marks our fourth acquisition in the last 9 months here in our home market of Central Texas, adding more than 1100 units and $175M in assets under management during that time. Marko and Chris at JLL have done a phenomenal job helping us grow our business and we look forward to many future transactions together.”
The JLL Capital Markets team representing the borrower was led by Senior Directors Marko Kazanjian and Chris McColpin and Analyst Andrew Cohen.
“Given the excitement of the Austin multi-housing market, we procured over a dozen competitive debt quotes and appreciate Walton Street’s efforts to stand out as a partner with OTH and Arrowmark,” says Kazanjian. “This marks our second time transacting with Arrowmark in the last nine months and we value their collaboration as we look to continue OTH’s growth.”
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 deliver best-in-class solutions for clients—whether investment sales 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.