Bain JV Acquires Suburban Austin Senior Community
The new owners secured a $41.8 million loan to purchase the recently built property.
NorthStar Georgetown. Image courtesy of Bain Capital Real Estate
Bain Capital Real Estate has teamed up with Capitol Seniors Housing to purchase NorthStar Georgetown, a 210-unit senior housing community in Georgetown, Texas. Public records show that Walker Real Estate and Chalk Hill Ventures sold the 2021-built property.
The new owners secured a $41.8 million acquisition loan originated by KKR Real Estate Finance Trust, according to Williamson County records. The note carries a variable interest rate.
Located on more than 11 acres at 2401 Westinghouse Road, the age-restricted community includes one- and two-bedroom units, with floorplans ranging between 673 square feet to 1,632 square feet. The 298,800-square-foot property designed by Pi Architects caters to residents age 55 and over.
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Community amenities include a swimming pool surrounded by a sundeck, a fitness center, a spa, a two-story clubhouse, a media center and theatre room, a coffee and wine bar, grilling areas, outdoor dining areas, a firepit with seating options, pickleball and bocce ball courts along with a pet park.
NorthStar Georgetown is less than 3 miles away from Teravista Golf Club and within 2 miles of Seton Medical Center Williamson. Downtown Austin is 26 miles away.
Besides recently built communities, Bain Capital Real Estate is also interested in value-add plays. At the end of 2020, the company formed a joint venture with Magnolia Capital to spend more than $900 million on garden-style, middle-income apartment communities built between 1975 and 2000 in primary and secondary Sun Belt markets.
