Omninet Capital has sold the 200-unit Mira Vista in Austin, Texas, to a joint venture between One Real Estate Investment and a REIT equity partner. At the beginning of the year, One Real Estate Investment entered the Atlanta market with the $34.9 million purchase of the Princeton Heights Apartments.
Berkadia originated a $15.1 million, 10-year Fannie Mae acquisition loan for One Real Estate Investment, while also delivering a NYSE-traded REIT as the equity partner. The financing includes a 3.24 percent, fixed interest rate and a five-year interest only period.
Located at 9601 Middle Fiskville Road, the community is right off Interstate 35 and within walking distance of public transit, as well as several retail and dining options. Additionally, downtown Austin is just 8 miles southwest.
Completed in 1983, the 21 two-story buildings are spread across a 9-acre site and consist of one- and two-bedroom apartments with floorplans ranging from 650 to 960 square feet. Common-area amenities include a bark park, community barbecue grill area, courtyard, playground, sauna, pool with sundeck and resident business center with internet access. At the time of sale, the community was 97 percent occupied.
The new owner intends to implement a value-add program, according to Berkadia Senior Director Brad Williamson. The improvements will consist of upgrades to the common area and exterior, rebranding and changing the property management company. Furthermore, the upgrades will include water and energy savings programs throughout the community.
Managing Directors Noam Franklin and Cody Kirkpatrick, together with Senior Managing Director Chinmay Bhatt from Berkadia’s Joint Venture Equity & Structured Capital Group delivered the equity partner. Williamson arranged the debt financing on behalf of the buyer.