Austin Community Sale Brings Investors Solid Rate of Return
Cypress Real Estate Advisors acquired Lakeshore Pearl Apartments. ARA Newmark represented the seller in the transaction.
By Anca Gagiuc
Inland Private Capital Corp., through its subsidiary that serves as asset manager, facilitated the sale of Lakeshore Pearl Apartments in Austin, Texas, on behalf of its 1031 investment programs. The property was 91 percent occupied at the time of the transaction. Pat Jones of ARA Newmark represented the seller in the deal.
Cypress Real Estate Advisors, the developer of Lakeshore Pearl, acquired the asset for an undisclosed price, but Inland announced the sale resulted in a total return to investors of 133 percent.
“Austin Lakeshore Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” Keith Lampi, president & COO of IPC, said in a prepared statement. “We purchased the property in 2015, and it provided consistent income and a substantial profit on sale, resulting in a 10.9 percent average annualized return to investors.”
Easy access to downtown
The 230-unit community occupies six acres at 2223 Waterloo City Lane in East Austin and includes 15,000 square feet of retail. Built in 2013, the property consists of one-, two- and three-bedroom floorplans averaging 856 square feet. Units feature private balconies/patios, washers and dryers, indoor corridor, outside storage, sprinklers and tub and shower enclosures of unitized fiberglass. Common-area amenities include:
- fitness center
- business center
- two-story clubhouse
- swimming pool
- outdoor lounge
- theater room
- 306 parking spaces
The location of the property has easy access to downtown Austin, public transportation, the Lady Bird Lake hike-and-bike trail and business and entertainment districts.
Images courtesy of Yardi Matrix