Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Wilder, a 381-unit apartment community located in Austin, Texas.
John Carr and Ben Fuller of Cushman & Wakefield represented the sellers, Hudgins Companies and Maverick Development Group, in the transaction. Chicago-based Redwood Capital Group, a vertically integrated multifamily investment manager, along with their partner Pacific Life acquired the property.
“The South I-35 marketplace has seen prolific growth over the last several years and compelling rent growth over the last six months,” Carr said. “Wilder offers top-of-the-market amenities and interior finishes at attractive price point compared to Downtown or South Congress, while still offering great access to major job hubs.”
Built in 2021, amenities include panoramic views of the South Austin Hill Country, a pool lounge with a surround sound stereo system, relaxing cabanas and sundeck, a covered yoga area overlooking the pool, private cross training room, cold spa, gazebo with grilling station, state-of-the-art fitness center, bowling alley, two dog parks, pet wash station, individual garage options, up-scale finishes, and smart technology packages.
“Lease-up at Wilder epitomized the Austin growth story, with qualified renters filling the property at a breakneck pace,” Fuller said. “The organic rent growth and fantastic leasing velocity combined with top-tier finish out and construction made Wilder an attractive acquisition for institutional capital.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.