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

Summit at Rivery Park. Image courtesy of JLL Capital Markets

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.