Harbor Group Makes Austin-Area Acquisition
The investor now owns upward of 20 communities in the Lone Star State.
Harbor Group International has purchased The Warner, a six-building 336-unit luxury apartment in the Austin suburbs. The community is located at 2670 S A.W. Grimes Blvd. in Round Rock, Texas. Yardi Matrix lists property’s seller and developer as Stanmore Partners, a Houston-based development and investment firm. The purchase price could not immediately be learned.
Harbor Group’s acquisition of the community adds to a statewide portfolio of 23 communities in three Texas cities totaling 8,647 units. In February, the firm expanded its presence in nearby San Antonio with the purchase of three garden-style communities totaling 828 units. Alongside the acquisition, the firm inked $47.4 million in Freddie Mac financing for the properties.
Teams from Newmark represented both the buyer and seller in the transaction. Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson acted on behalf Stanmore Partners, while Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense as well as Senior Managing Director Ari Schwartzbard and Director Daniel Sarsfield of the Debt, Equity and Structured Finance team worked to arrange the financing for Harbor Group.
New digs in North Austin
The Warner finished construction in 2022. The project was backed by a $38.6 million loan provided by Veritex Community Bank, according to Yardi Matrix data. The property is sectioned into one-, two- and three-bedroom units averaging 901 square feet and average monthly rent is $1,821, the same data shows. Apartment interiors feature wood-style flooring, quartz countertops, walk-in closets, in-unit laundry machines and Smart Home keyless entry systems.
Across the 11-acre community, residents have access to a resort-style swimming pool, outdoor and indoor fitness areas, a clubhouse with a lounge, coworking spaces, a dog park, outdoor courtyards and electric vehicle charging stations.
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Situated in North Austin’s Warner Ranch neighborhood, The Warner offers quick access to both the Texas State Highway and Interstate 35 and is within 16 miles of downtown Austin. The community is in close proximity to several tech giants’ offices, including the headquarters of locally based Dell, an expanding 3 million-square-foot Apple office campus and a $17 billion Samsung semiconductor fabrication plant that is expected to finish construction in 2024.
HGI has been active in other metros in the Lone Star State as well. In April, the firm secured a $122 million refinancing loan for Alesio Urban Center, a mixed-use community that includes 908 multifamily units and 55,000 square feet of retail space in Irving.