Austin-Area Asset Changes Hands
Strategic Property Investment financed the acquisition of the 254-unit property in Kyle, Texas, through a $27.1 million Fannie Mae loan.
Teeple Partners has sold the 254-unit Oaks on Marketplace in Kyle, Texas, to Strategic Property Investment, per Yardi Matrix information. The new owner financed the acquisition with a $27.1 million Fannie Mae loan originated by Dougherty Mortgage.
Located at 20400 Marketplace Ave., close to Interstate 35, the asset is 22 miles southwest of downtown Austin and came online in late 2017. The three-story building is located on a 17.7-acre site and consists of one, two- and three-bedroom apartments with floorplans raging from 624 to 1,430 square feet. Common-area amenities include a media room, pool, clubhouse and fitness center.
The property is adjacent to Kyle Marketplace, a 230,000-square-foot retail center anchored by an H-E-B Plus, the list of tenants also including Chase, Starbucks and Subway. Other nearby retailers include Target, Home Depot and Petco.
After the sale, Valiant Residential took over as property manager for the community from Lincoln Property Co. The latter broke ground last December on Aqua Apartments and Retail Shoppes, a mixed-use development located in downtown Palm Bay, Fla.