Berkadia Arranges Sale of Student Housing Community
- Oct 29, 2015
Berkadia has arranged the sale of Lonestar Lofts, a student housing community in Austin’s West Campus submarket. Forrest Bass, a senior director of the Austin office, completed the sale on Sept. 28. The seller was a local private partnership, and the buyer was a private investor from New York City. Financial details about the transaction were not disclosed.
“There continues to be tremendous demand for multifamily properties in Austin, and this is attracting significant interest from local, out-of-state and international investors alike,” said Bass. “This transaction marked the buyer’s first acquisition in Austin. The buyer was drawn to the property’s strong infill location, stable operating history, strong occupancy rate and steady rent growth over past years.”
Lonestar Lofts is located at 2408 Leon St., one mile from the University of Texas and two miles from downtown Austin. Major employers in the area include St. David’s Medical Center, Southwest Airlines, Texas Department of Transportation, University of Texas at Austin, and University Medical Center.
Built in 1971, Lonestar Lofts offers 50 units, including studio, one-, two-, three, and four-bedroom floor plans. Community amenities include a swimming pool with a pergola lounge area, barbecue grill, and parking garage. Units feature stained concrete floors, black appliances, washers and dryers, and a loft-style layout.
Image courtesy of Lonestar Lofts