OTH Capital JV Secures $38M for Austin-Area Purchase

JLL Capital Markets has arranged an equity partnership between Old Three Hundred Capital and Sound Mark Partners and secured $38.5 million in financing for the acquisition of Summit at Rivery Park, a 228-unit community in Georgetown, Texas.

QuadReal Finance Inc. provided the five-year, non-recourse, floating-rate loan for the asset, previously owned by Western Securities.

Completed in 2014, Summit at Rivery Park comprises four buildings with one-, two- and three-bedroom floorplans, ranging from 576 to 1,410 square feet. Common-area amenities include a fitness center, business center, clubhouse, community room, pool and media room, as well as 401 parking spaces.

Located at 1400 Rivery Blvd., the community is 2 miles from Georgetown City Square, offering residents easy access to entertainment and dining options. Georgetown Public Library and the Southwestern University are also within 2 miles of the property. Interstate 35 is less than half a mile south of the property, connecting it directly to Austin.

Thanks to corporate relocations and favorable migration trends, Austin has become a hot market for multifamily investment. OTH Capital is also focused on expanding its Austin footprint by acquiring Class A properties across the growing metro, according to prepared remarks from Managing Partner William Gottfried.