JV Lands $126M Refi for Sun Belt Portfolio
The three assets are in Austin and metro Atlanta.
Myers Apartment Group, in joint venture with Torchlight Investors, has secured $125.5 million in refinancing for a three-property portfolio. Greystar issued the floating-rate note in a transaction arranged by JLL Capital Markets.
Completed between 2019 and 2021, two of the assets are within metro Atlanta, while the third is located in Austin, Texas. The portfolio comprises 798 units amounting to more than 730,000 square feet of rentable residential space. The three communities were 91.7 percent occupied at the time of the deal.
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The largest property in the portfolio, Citadel at Tech Ridge, is at 1127 Pearl Retreat Lane in Austin. The 12-building community features 308 units with sizes ranging from 629 and 1,382 square feet. The two Georgia assets are the 290-unit Highlands at Sweetwater Creek and the 200-unit Symphony at Suwanee Creek, located at 2789 Satellite Blvd. in Duluth and 1630 Peachtree Industrial Blvd. in Suwanee, respectively.
Highlands features 180 one-bedroom, 90 two-bedroom and 20 three-bedroom apartments ranging from 696 and 1,700 square feet, across four buildings, Yardi Matrix data shows. The two-building Symphony at Suwanee Creek encloses 84 one-bedroom and 116 two-bedroom units with sizes between 732 and 1,479 square feet.
Additionally, the three communities have similar shared amenities, namely EV charging stations, resort-style pools, fitness centers and pet-friendly facilities. The Suwanee property has a tennis court and grade-level parking.
JLL Capital Markets Executive Managing Director Gerard Sansosti, Senior Managing Director Peter Rotchford, Senior Director Nicco Lupo and Director Clayton Ross led the team that brokered the deal.
Atlanta leads, Austin falls behind
As of August, the average national advertised asking rent dropped $1 to $1,755, slowing the annual rent growth by 10 basis points to 0.7 percent, according to the latest national multifamily report. At that time, Austin ranked last in terms of rent growth, registering a 4.5 percent year-over-year drop. Other Sun Belt and Mountain West metros positioned themselves at the bottom of the list, namely Denver (-3.8 percent), Phoenix (-2.8 percent), Dallas (-1.8 percent) and Las Vegas (-1.4 percent).
Occupancy rates across the U.S. remained flat at 94.7 percent in July, unchanged compared to the same period last year. Atlanta led several Sun Belt metros with a 0.6 percent year-over-year increase in occupancy, due to ongoing strong absorption.
