Cushman & Wakefield Arrange Sale of Austin-Area Apartments

Thayer Point was 100 percent occupied at the time of sale.

Thayer Point. Image courtesy of Cushman & Wakefield

Killeen MFD LLC has sold Thayer Point, an apartment community in Killeen, Texas, located directly north of Austin. John Carr and Ben Fuller of Cushman & Wakefield represented the seller in the transaction.

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Situated at 5002 Thayer Drive, the 266-unit property was built of frame construction on 18.6 acres of land in two phases in 2019 and 2021. The community features 18 two- and three-story buildings, and was 100 percent occupied at the time of sale.

A blend of one- and two-bedroom apartments ranging in size from 650 to 966 square feet make up the unit mix of Thayer Point. Features and finishes of residences include above-standard ceiling heights, double-pane windows, individual air conditioning, microwave ovens and in-unit washer and dryers. Among the common-area amenities is a business center.

Limited pipeline

“A portion of the rent roll was military, and the asset is located in a secondary market primarily driven by Fort Hood,” Fuller told Multi-Housing News. “Thayer Point was recently constructed with Class A finishes in a market with a limited pipeline. The Cushman & Wakefield team made sure buyers understood this meant Thayer Point would be the consummate Class A option for all potential (residents), military or conventional, in a market with significant disposable income.”

The community is situated near Interstate 14, affording easy access around the Killeen area. Three shopping centers are located within 2 miles of the community. Parks and recreational amenities situated within a 15-minute drive include Mayborn Planetarium & Space Theater, Conder Park and Killeen Athletic Complex. Fort Hood is a 13.6 mile, 37-minute drive from Thayer Point.

“Cushman & Wakefield targeted buyers seeking additional yield outside of the major metropolitan Texas markets,” he added, “as well as operators already in the Killeen market who have transacted with debt and equity partners familiar with the military population.”

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