Berkadia announces it has secured financing for the acquisition of Urbana at Plum Creek, a 144-unit single family, built-to-rent community in Kyle, Texas. Managing Director Scott Wadler of Berkadia Miami and Senior Director Matt Nihan of Berkadia Boca Raton arranged financing on behalf of Beacon Real Estate Group, a commercial real estate acquisition and management firm based in Coral Gables, Fla.
CrossHarbor Capital Group originated the three-year loan with extension options.
“This was a great opportunity to acquire a single-family, build-to-rent property located next to the Plum Creek master planned community. This is becoming a prominent sub-asset class and there is extremely limited product available like this in the submarket,” added Wadler.
Built in 2021 and located at 151 Rikardson Street, Urbana at Plum Creek offers single family one-, two- and three-bedroom home rentals ranging from 632 square feet to 1,246 square feet. The individual detached apartments feature smart housing technology that includes Spectrum TV, internet, a Ring doorbell and the SmartRent App, stainless steel appliances, granite countertops, a kitchen island with an extended bar, recessed lighting, modern fixtures and a private backyard. Community amenities include a resort-style swimming pool, an outdoor lounge with a fire pit and grilling spaces, a fenced pet park with pet washing stations, reserved parking and a Town Center with shopping and dining.
Situated in Kyle, Texas, Urbana at Plum Creek is south of Austin on I-35 and is close to the Seton Medical Center, the Austin Community College, Steepchase Park and Lake Kyle.