37th Parallel Expands Texas Portfolio
- May 07, 2020
37th Parallel Properties Investment Group has acquired three multifamily housing properties in Austin and San Antonio, Texas on behalf of its investors and family office partner. The properties will be managed on-site by Roscoe Properties. CBRE’s Charles Cirar, Michael Wardlaw and Colin Cannata completed the transaction on behalf of the seller.
The properties included in the deal are:
- Bridgehead Apartments, a 128-unit multifamily community in Austin
- Melrose Place Apartments, a 132-unit multifamily community in Austin
- Tradewinds Apartments, a 84-unit multifamily community in San Antonio
Each property was developed in the 1980s and is a garden-style community. Bridgehead Apartments offers residents a mix of one- and two-bedroom units, select featuring balconies. Melrose Place consists of duplex and fourplex units and it is located near Apple Americas Operations Center. Tradewinds Apartments features a mix of one- and two-bedroom units along with townhouses.
All three properties are 97.6 percent occupied or higher, according to 37th Parallel information. The acquisition marks the company’s reentry into the Austin market.
The portfolio acquisition is 37th Parallel’s first investment made through its inaugural fund, which launched in November 2019. Additionally, the purchase was funded by new investor equity and a long term, capped, floating-rate agency debt financing. Berkadia’s Cutt Ableson and Colin Marusak arranged the financing.
Last year, 37th Parallel entered the Atlanta market with the purchase of the 111-unit Park on Clairmont.