Bellwether Enterprise Real Estate Capital has arranged a $23.7 million acquisition loan for Preserve at Wells Branch, a community located in north Austin. The borrower is the Housing Authority of the City of Austin.
The 308-unit, 14-building property covers more than 10 acres at 1773 Wells Branch Parkway, with easy access to Interstate 35, Mopac and State Highway 45—a four-lane toll road under construction between Mopac and Farm to Market 1626, and slated for completion in 2019. Preserve at Wells Branch was built in 1986 and comprises one- and two-bedroom units averaging 719 square feet, which feature balconies/patios, vaulted ceilings and fire places. Common-area amenities include a swimming pool, a basketball court, a tennis court, billiards, a business center, a clubhouse, laundry facility, a picnic area with barbecue, a fitness center and 698 parking spaces.
Bellwether’s Kevin Bowen arranged the 12-year Fannie Mae loan, which features a 4.7 percent fixed interest rate. The seller, according to Yardi Matrix data, is Ascension Commercial Real Estate. The new owner intends to convert the property into an affordable housing community with 51 percent of the units available to households earning 80 percent or less of the area’s median income.
Images courtesy of Yardi Matrix