Lion Real Estate Group and Marble Partners have acquired Array Apartments, a 369-unit community in Austin, Texas. The deal marks the fourth acquisition of the joint venture in the East Riverside neighborhood, where it owns Alister, Emerson and Sofia Apartments.
According to Yardi Matrix data, the previous owner—New York-based Castle Lanterra Properties—held ownership of the asset since 2016, when it acquired it from F&B Capital for an undisclosed amount. The new owner assumed a $32 million loan funded by Fannie Mae in late October 2018, which has a 10-year term and an interest rate of 4.46 percent per annum. Lion Real Estate Group intends to complete the renovations the previous two owners initiated and further stabilize the property.
Array Apartments is located at 2101 Burton Drive, where its 20 buildings are spread across nearly 8 acres. The unit mix comprises one- to three-bedroom floorplans ranging from 700 to 1,387 square feet and feature hardwood floors, patios/balconies and window coverings. Common-area amenities include a fitness center, a business center, a clubhouse, a dog park, a basketball and a tennis court, two swimming pools, two laundry facilities, a spa and 518 parking spaces.